Nickel futures down 0.88% on overseas cues, low spot demand

Amid a weak trend in global market and subdued domestic demand, nickel prices fell 0.88 per cent to Rs 700.10 per kg in futures trading today as speculators reduced their bets.
At the Multi Commodity Exchange, nickel for delivery in September month declined by Rs 6.20, or 0.88 per cent to Rs 700.10 per kg in business turnover of 4,553 lots.
Likewise, the metal for delivery in October contracts traded lower by Rs 6.20, or 0.87 per cent to Rs 705.30 per kg in 603 lots.
Analysts said the fall in nickel prices was mostly in line with a weakening trend in select base metals at the London Metal Exchange.

Meanwhile, nickel for delivery in three month fell 1 per cent on the London Metal Exchange.
Tepid demand from alloy-makers at the domestic spot markets also weighed on the metal prices, they said.