Nickel futures shed 1.24 pc on weak global cues

Tracking a weak trend overseas, nickel prices fell by 1.24 per cent to Rs 757.20 per kg in futures market today as participants cut down bets.

Furthermore, tepid demand from consuming industries particularly alloy-makers, at the domestic spot markets, weighed on the prices.

At the Multi Commodity Exchange, nickel for delivery in November was down by Rs 9.50, or 1.24 per cent to Rs 757.20 per kg in a business turnover of 967 lots.

In a similar fashion, the metal for delivery in December eased by Rs 8.20, or 1.06 per cent to Rs 762.40 per kg in 103 lots.

Analysts attributed the fall in nickel futures to a weak trend overseas where it retreated by 1.30 per cent at the London Metal Exchange after rising 2 per cent yesterday and muted demand from alloy-makers at the domestic spot markets.

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