Nickel fdown by 0.6% on global cues

Nickel prices moved down by 0.58% to Rs 937.90 per kg in futures trade today as speculators trimmed their positions, taking negative cues from overseas markets.

Further, subdued demand from alloy-makers in the domestic spot markets also weighed on the prices.

At the Multi Commodity Exchange, nickel for delivery in February declined by Rs 5.50, or 0.58%, to Rs 937.90 per kg in business turnover of 309 lots.

The metal for delivery in March shed Rs 3.90, or 0.36%, to Rs 946 per kg in six lots.

Analysts said the fall in nickel prices was mostly in tandem with a weakening trend in base metals in the global market after a record trade surplus for China, the largest metals consumer, highlighted weak domestic demand.

Fall in demand from alloy-makers in the domestic spot markets too put pressure, they said.

Meanwhile, nickel dropped 1.1% to $15,070 a tonne.