Nickel falls by over 2% on weak global cues

Muted demand at the domestic spot markets also affected prices

Nickel futures traded over 2% lower at Rs 614.80 per kg today as participants reduced their exposure amid a weak trend overseas and muted demand at the domestic spot markets.

At Multi Commodity Exchange, nickel for delivery in March fell Rs 12.70, or 2.02%, to Rs 614.80 per kg, in a business turnover of 1,686 lots.

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• Nickel up by 0.3% on firm demand

Also, metal for delivery in April was trading Rs 12.50, or 1.97% lower at Rs 620.60 per kg in 73 lots.

Globally, nickel dropped 3.6% at the London Metal Exchange (LME), after gains Monday pushed it to its highest level since November.

Market analysts said besides subdued spot demand from alloy-makers at the domestic market, a weak trend in the entire base metals pack at the LME after Goldman Sachs Group reiterated its view that the structural drivers for last year's slump in prices remain intact, weighed on nickel futures prices here.