Nickel futures shed 0.97% on weak global cues

Tracking a weak trend overseas, nickel prices fell by 0.97 per cent to Rs 572 per kg in futures market today as participants cut down their bets.
Furthermore, tepid demand from consuming industries at the domestic spot markets, weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in March was down by Rs 5.60 or 0.97 per cent to Rs 572 per kg in a business turnover of 118 lots.
In a similar fashion, the metal for delivery in current month eased by Rs 4.30 or 0.93 per cent to Rs 566.80 per kg in 1,390 lots.

Analysts attributed the fall in nickel futures to a weak trend overseas where it dropped from its highest level in almost two weeks and base metals retreated in London amid concerns that excessive credit growth was increasing risks in China, the biggest consumer of raw materials.
Globally, nickel lost 1.1 per cent to USD 8,250 per tonne at the London Metal Exchange.