Nickel down 1.1% on overseas cues, subdued demand

Metal for delivery in April was also down by 1.11%

Amid a weak trend in the global markets and subdued domestic demand, nickel fell further by 1.13% to Rs 1,067.60 per kg in futures trade today as speculators engaged in reducing positions.

At the Multi Commodity Exchange, nickel for delivery in May eased by Rs 12.20, or 1.13%, to Rs 1,067.60 per kg in a business turnover of 76 lots.

Metal for delivery in April was also down by Rs 11.90, or 1.11%, to Rs 1,060.80 per kg in a turnover of 1,184 lots.

Analysts said the fall in nickel prices at futures trade was mostly in tune with a weakening trend in most industrial metals at the London Metal Exchange (LME) after data showed economic expansion in China eased to the slowest pace in six quarters, fuelling concern that demand from the largest user will weaken.

Globally, nickel for delivery in three months at the LME fell for the second day, losing 0.8% at $17,527 per tonne.