Nickel down 0.45% on weak overseas cues
Nickel futures declined by 0.45% to Rs 991.60 per kg today largely due to weakness in base metals pack at the London Metal Exchange (LME).
Subdued demand from alloy-makers in the domestic spot markets also weighed on the nickel futures.
At the Multi Commodity Exchange, nickel for delivery in February dropped by Rs 4.50, or 0.45%, to Rs 991.60 per kg, with a trading volume of 564 lots.
The March contract shed Rs 4.40, or 0.44%, to Rs 1,001.80 per kg, with a business volume of 80 lots.
Globally, nickel dropped as much as 0.6% to $19,956 per tonne at the LME.
Analysts said weakness in base metals at the LME on renewed worries over the Eurozone debt crisis after a decision on a second bailout for Greece was postponed, impacted the market sentiment here.
In addition, sluggish demand from alloy-makers at the domestic markets also put pressure on the metal's prices, they said.