Nickel falls 1.60 pc on weak demand, global cues

Nickel prices moved down by 1.60 per cent to Rs 769.50 per kg in futures trade in evening session today as speculators reduced positions amid weak demand from alloy-makers in the spot market.
Besides, a lower global trend dampened the sentiment.
The exchange opened for the evening session as it remained closed in the morning for Baba Saheb Ambedkar Jayanti.
At the Multi Commodity Exchange, nickel for delivery in April declined by Rs 12.50 or 1.60 per cent to Rs 769.50 per kg in a business turnover of 1,599 lots.
The metal for delivery in May shed Rs 12.60 or 1.59 per cent to Rs 777.40 per kg in 99 lots.

Market analysts said speculators reduced positions on weak demand from alloy-makers in the domestic spot market and a subdued trend in base metals overseas on speculation that slowing growth in China will lead to less demand for raw materials led to fall in nickel futures here.