Nickel down by 0.6% on global cues

Tracking weakness in base metals at the London Metal Exchange, nickel prices fell 0.59% to Rs 607.10 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.

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In futures trading at Multi Commodity Exchange, nickel for delivery in April declined Rs 3.60, or 0.59%, to Rs 607.10 per kg in a business turnover of 632 lots.

The metal for delivery in May shed Rs 3.20, or 0.52%, to Rs 613.80 per kg in 84 lots.

Analysts said the fall in nickel prices in futures trade was largely in tune with a weakening trend in the global markets after Chinese exchanges stepped up efforts to cool speculation in some commodities and muted demand at the domestic markets.