Nickel futures fall on weak global cues, muted demand

Nickel prices dropped 0.64% to Rs 600.80 per kg in futures trade today as traders cut down their bets, taking weak cues from global market and low demand at the domestic spot market.

At Multi Commodity Exchange, nickel for delivery in July month was trading Rs 3.90, or 0.64%, down at Rs 600.80 per kg in a business turnover of eight lots.

The metal for delivery this month also shed Rs 3.30 or 0.55%, to Rs 595 per kg in a turnover of 8 lots.

Analysts said the fall in nickel prices in futures trade is mostly attributed to a weakening trend in base metal at the London Metal Exchange (LME) and easing demand from alloy-makers at the domestic spot market.