Nickel futures shed 1.29 pc ahead of expiry, low demand

Nickel prices fell by 1.29 per cent to Rs 702.80 per kg in futures market today as participants reduced their exposure ahead of expiry.
Moreover, muted demand from consuming industries at the domestic spot markets, weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in January fell by Rs 9.20, or 1.29 per cent, to Rs 702.80 per kg in a business turnover of 736 lots.
On similar lines, the metal for delivery in January declined by Rs 8.60, or 1.22 per cent, to Rs 696.20 per kg in 1,246 lots.
Analysts said, besides low demand in the spot markets from alloy- makers, trimming of positions by speculators ahead of monthly expiry, weighed on nickel prices at futures trade.