Nickel down on spot demand

Nickel futures for February fell by Rs 5.30, or 0.53% to Rs 987.90 per kg in 8975 lots.

At the Multi Commodity Exchange (MCX), the March contract traded lower by the same margin to Rs 992.70 per kg in 506 lots.

Prices dropped as speculators offloaded positions on the back of sluggish spot market demand.

Weak global trend influenced nickel futures trade here.

On the London Metal Exchange (LME), nickel declined 0.8% to $18,573 a tonne.