Nickel down 0.5% on global cues, low demand

Metal for delivery in August fell by 0.54%

Nickel futures today traded 0.55 per cent lower at Rs 722.70 per kg prices as speculators offloaded positions after the metal weakened in global markets.

Furthermore, low demand from alloy-makers and other consuming industries at the domestic spot markets also weighed on the prices.

Nickel for delivery in July eased by Rs 4, to Rs 722.70 per kg in a turnover of 641 lots in futures trading at the Multi Commodity Exchange.

The metal for delivery in August fell by Rs 4 or 0.54 per cent, to Rs 730.10 per kg in 60 lots.

Analysts said nickel prices fell largely in tune with the weakening trend in overseas market. Easing demand from alloy-makers at domestic spot markets also put pressure on the metal.

Globally, nickel fell 0.3 per cent at the London Metal Exchange.