Nickel falls by 0.5% on weak overseas cues

Amid a weak trend in global markets and subdued domestic demand, nickel traded 0.47% lower at Rs 578.30 per kg in futures trade today as speculators reduced their bets.

In futures trading at the Multi Commodity Exchange, nickel for delivery this month was trading down by Rs 2.60, or 0.47%, at Rs 578.30 per kg in a business turnover of 261 lots.

The metal for delivery in January next year was also down by Rs 2.50, or 0.43%, to Rs 584.20 per kg in a business turnover of 19 lots.

Analysts said the fall in nickel prices was mostly in line with a weakening trend in select base metals at the London Metal Exchange (LME).
 
Muted demand from alloy-makers at the domestic spot markets also weighed on the metal prices, they said.