Nickel down on global cues, subdued spot demand

Nickel futures prices declined by Rs 5.10 to Rs 1,021.40 per kg today largely in tandem with a weakening trend in base metals overseas.

Sluggish spot demand from alloy-makers in the domestic markets also weighed on nickel futures prices.

At the Multi Commodity Exchange, nickel for delivery in March dropped by Rs 5.10, or 0.50%, to Rs 1,021.40 per kg, with a trading volume of 185 lots.

The February contract shed Rs 4.80, or 0.47%, to Rs 1,013.20 per kg, in a turnover of 1,720 lots.

At the London Metal Exchange, nickel dropped 0.2% to $20,510 per tonne.

Analysts said besides subdued domestic demand, weakness in base metals overseas after rating agency Moody's cut the debt ratings of six European countries, damping the region's growth and demand outlook, also put pressure on nickel prices at futures trade here.