Nickel falls by 0.9% on weak global cues

Low demand at the domestic spot market also affected prices

Taking weak cues from global market and low demand at the domestic spot market, nickel prices dropped 0.86% to Rs 610.40 per kg in futures trade today as traders cut down their bets.

At Multi Commodity Exchange, nickel for delivery in current month was trading Rs 5.30, or 0.86%, down at Rs 610.40 per kg in a business turnover of 1,702 lots.

The metal for delivery December also shed Rs 5.20, or 0.84%, to Rs 616.60 per kg in a turnover of 181 lots.

Analysts said the fall in nickel prices in futures trade is mostly attributed to a weakening trend in base metal at the London Metal Exchange (LME) on concern Chinese demand is slowing and as the dollar traded at its strongest level in more than a decade.

Furthermore, easing demand from alloy-makers at the domestic spot market.