Nickel futures melt 0.82% on global cues, muted demand

Nickel prices were down by 0.82 per cent to Rs 582.50 per kg in futures trade today taking weak cues from overseas market and subdued demand at the domestic spot market as participants cut down their bets.
At the Multi Commodity Exchange, nickel for delivery in February was trading lower by Rs 4.80, or 0.82 per cent, to Rs 582.50 per kg in a business turnover of 79 lots.
The metal for delivery in January also lost Rs 4.30, or 0.74 per cent, to Rs 577.10 per kg in a turnover of 1,349 lots.
Analysts said the fall in metal at futures trade is mostly in line with a weakening trend in the base metals pack on the London Metal Exchange (LME) on prospects of slower economic growth in China and sustained low oil prices.