Nickel down on weak overseas cues, subdued spot demand

Nickel futures declined by Rs 1.60, or 0.16%, to Rs 999.20 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, the March contract for nickel dropped by Rs 1.60, or 0.16%, to Rs 999.20 per kg, with a trading volume of 220 lots.

The February contract also fell by Rs 1.40, or 0.14%, to Rs 986.80 per kg, in a turnover of 634 lots.

At the London Metal Exchange, nickel being quoted marginally lower at $20,170 per tonne.

Analysts said besides subdued domestic demand, weakness in base metals overseas on China demand concerns, put pressure on nickel prices at futures trade here.