Nickel futures down on global cues, muted spot demand

Nickel futures traded 0.94 per cent down at Rs 687.90 per kg today as speculators reduced exposure, tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery this month shed Rs 6.50 or 0.94 per cent to Rs 687.90 per kg in a business turnover of 1,387 lots.

The metal for delivery in October too fell by Rs 5.90 or 0.84 per cent to trade at Rs 694.80 per kg in 84 lots.

Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME.

Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade here.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)