Muted demand drags down nickel futures by 0.64%

Nickel prices drifted lower by 0.64 per cent to Rs 713.40 per kg in futures market today as traders cut down their bets, driven by sluggish demand from consuming industries in the spot market.
At the Multi Commodity Exchange, nickel for delivery in July declined by Rs 4.60, or 0.64 per cent, to Rs 713.40 per kg, in a business turnover of 17,964 lots.
Similarly, the metal for delivery in August eased by Rs 4.20, or 0.58 per cent, to Rs 720.00 per kg in 1,132 lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to tepid demand from alloy-makers at the domestic spot market.