Nickel down 0.8% on global trend

Globally, the metal lost as much as 2.3%

Nickel futures today traded lower by 0.88 per cent to Rs 731.90 per kg largely in tandem with a weakening trend overseas amidst subdued spot demand.

At the Multi Commodity Exchange, nickel for delivery in July weakened by Rs 6.50, or 0.88 per cent, to Rs 731.90 per kg in business turnover of 1,201 lots.

Similarly, the metal for delivery in August traded lower by Rs 6.40, or 0.86 per cent, to Rs 738.90 per kg in 40 lots.

Globally, nickel lost as much as 2.3 per cent to USD 11,475 per tonne at the London Metal Exchange (LME).

Meanwhile, nickel has declined 24 per cent on the LME this year so far and is the worst performer after tin.

Market analysts said apart from weak demand from alloy-makers at domestic spot markets, a weak trend in the base metals pack at the LME before data tomorrow that may show China expanded at the weakest pace since 2009,. Mainly weighed on nickel prices at futures trade here.