Nickel futures shed 0.48 pc on weak demand

Nickel prices fell 0.48 per cent to Rs 620.60 per kg in futures trading today as participants cut down their bets amid a weak trend at the spot markets due to low demand from alloy-makers.
Absence of cues from global market, as the London Metal Exchange (LME) remained closed yesterday for a public holiday, too influenced sentiment here.
At the Multi Commodity Exchange, nickel for delivery in June was down by Rs 3 or 0.48 per cent to Rs 620.60 per kg in a business turnover of 1,149 lots.
In a similar fashion, the metal for delivery in current month eased by Rs 2.40 or 0.39 per cent to Rs 615.20 per kg in 35 lots.

Analysts attributed the fall in nickel futures to offloading of positions by participants in line with a weak trend at the domestic spot markets owing to subdued demand form alloy-makers.