Nickel falls by 1.8% on weak global cues

Subdued demand at domestic spot markets also affected prices

Nickel futures today traded lower by Rs 13.70 to Rs 755.40 per kg, largely in tune with a weak overseas trend amid subdued demand at domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in August month contracts weakened by Rs 13.70 paise, or 1.78%, to Rs 755.40 per kg in a business turnover of 39 lots.

Similarly, the metal for delivery in July traded lower by Rs 12.80, or 1.68%, to Rs 749.10 per kg in 919 lots.

Analysts said besides weak demand from alloy-makers at domestic spot markets, a weak trend in base metals overseas where base metals fell as Greece's vote against austerity and moves by China to halt the collapse of domestic equities raised speculation that economic growth may falter and weaken demand, weighed on nickel prices in futures trade here.

Globally, nickel for delivery in three months on the London Metal Exchange was down 1.8% at $11,780 per tonne. Prices are heading for the lowest close since April 2009.