Nickel down by 0.3% on weak global cues

Muted demand from consuming industries at the domestic spot markets also affected prices

Tracking a weak trend in other base metals overseas, nickel prices dropped by 0.28% to Rs 573.20 per kg in futures market today as participants trimmed their exposure.

Moreover, muted demand from consuming industries at the domestic spot markets, weighed on prices.

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At the Multi Commodity Exchange, nickel for delivery in May fell by Rs 1.60 or 0.28% to Rs 573.20 per kg in a business turnover of five lots.

On similar lines, the metal for delivery in April declined by Rs 1.10 or 0.19% to Rs 567.20 per kg in 281 lots.

Analysts said besides a weak trend in base metals in global markets as concerns of rising supply and weak Chinese demand returned following a rebound in prices at the start of the year, low demand from alloy-makers at domestic spot markets, mainly weighed on nickel prices at futures trade.