Nickel futures down 0.55 pc on global cues

Tracking weakness in base metals at the London Metal Exchange, nickel prices fell 0.55 per cent to Rs 674.20 per kg in futures trade today as speculators indulged in offloading positions.
Furthermore, low demand from alloy-makers and other consuming industries in the domestic spot markets also weighed on the prices.
In futures trading at Multi Commodity Exchange, nickel for delivery in April declined Rs 3.70, or 0.55 per cent, to Rs 674.20 per kg in a business turnover of 107 lots.
The metal for delivery this month shed Rs 3.50, or 0.52 per cent, to Rs 668.40 per kg in 844 lots.

Analysts said the fall in nickel prices in futures trade was largely in tune with a weakening trend in the global markets and muted demand from alloy-makers at the domestic markets.