Nickel futures shed 0.07 pc on weak spot cues

Nickel prices weakened by 0.07 per cent to Rs 1,005.10 per kg in futures trade today as speculators reduced bets, taking negative cues from spot market on sluggish demand.

At the Multi Commodity Exchange, nickel for delivery in August shed 70 paise, or 0.07 per cent, to Rs 1,005.50 per kg in a business turnover of 18 lots.

In a similar fashion, the metal for delivery in July was enquired lower by 60 paise, or 0.06 per cent, to Rs 1,001 per kg in 911 lots.

Analysts said offloading of positions by participants, tracking a weak trend at spot market on subdued demand from alloy-makers, mainly weighed on nickel prices at futures trade.