Nickel futures soften by 0.42% on weak spot cues

Nickel prices shed 0.42 per cent to Rs 852.60 per kg in futures trading today as speculators reduced exposures, taking negative cues from the spot market on muted demand from alloy-makers.

At the Multi Commodity Exchange, nickel for delivery in March fell by Rs 3.60, or 0.42 per cent to Rs 852.60 per kg in business turnover 1,255 lots.

In a similar fashion, the metal for delivery in April weakened by Rs 3.10, or 0.36 per cent to Rs 856.90 per kg in 103 lots.

Market analysts said cutting down of positions by traders owing to slackened demand from alloy-makers in the physical market attributed the slide in nickel prices at futures trade.