Nickel down 0.1% as weak global cues, muted demand weigh

Taking cues from overseas market and subdued demand at the domestic spot market, nickel prices dropped 0.08% to Rs 648.80 per kg in futures trade today as participants cut down bets.

At the Multi Commodity Exchange, nickel for delivery this month was trading lower by 50 paise, or 0.08%, to Rs 648.80 per kg in a business turnover of 1,653 lots.

The metal for delivery in December also fell by 30 paise, or 0.05%, to Rs 655.60 per kg in a turnover of 80 lots.

Analysts said the fall is mostly in line with a weakening trend in select base metals at the London Metal Exchange (LME) and weak demand from alloy-makers at the domestic spot markets.