Nickel futures shed 0.12% on weak global cues

Amid a weak trend in the base metals pack at the London Metal Exchange, nickel prices fell by 0.12 per cent to Rs 597.70 per kg in futures market today as participants cut down their bets.
Furthermore, tepid demand from consuming industries particularly alloy-makers, at the domestic spot markets, weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in May was down by 70 paise, or 0.12 per cent, to Rs 597.70 per kg, in a business turnover of 304 lots.
In a similar fashion, the metal for delivery in June eased by 60 paise, or 0.10 per cent to Rs 603.50 per kg in five lots.

Analysts attributed the fall in nickel futures to a weak trend overseas where a gauge of six metals on the London Metal Exchange slumped Monday to its lowest in four months amid a collapse in copper and aluminium prices.
Besides, jitters over Chinese consumption and rising stockpiles, and a drop in steel prices is fueling negative sentiment across industrial commodities, they said.