Nickel futures down 0.97 pc on overseas cues, muted demand

Nickel prices fell by 0.97 per cent to Rs 748.10 per kg in futures trade today as speculators cut down bets amid a weak trend in the global markets and tepid domestic demand.
At the Multi Commodity Exchange, nickel for delivery in December declined by Rs 7.30, or 0.97 per cent, to Rs 748.10 per kg in a business turnover of 1,990 lots.
Likewise, the metal for delivery in January was trading lower by Rs 7.10, or 0.93 per cent, to Rs 753.50 per kg in 79 lots.
Analysts said the fall in nickel prices was mostly in line with a weak trend in base metals overseas amid easing demand from alloy-makers in the physical market.

Globally, nickel for delivery in three months slipped 0.6 per cent to USD 11,760 a tonne at the London Metal Exchange.