Nickel down by 0.6% on global cues

Muted demand in the domestic market also affected prices

Nickel futures eased 0.58% to Rs 582 per kg today as participants reduced their exposure amid a weak trend overseas and muted domestic demand.

At the Multi Commodity Exchange, nickel for delivery in February fell Rs 3.40, or 0.58%, to Rs 582 per kg in a business turnover of 13 lots.

The metal for delivery this month fell Rs 3.30, or 0.57%, to trade at Rs 576.10 per kg in a turnover of 751 lots.

Market analysts said besides subdued spot demand at the domestic market, a weak trend in base metals overseas as concerns over slowing demand in China dominated trading ahead of gross domestic product data and output figures from the world's biggest consumer next week, led to the fall in nickel futures here.