Nickel futures weaken on low spot demand

Nickel prices moved down by 0.06 per cent in futures market Monday as speculators reduced their positions amid low demand at the spot market.

At the Multi Commodity Exchange, nickel for delivery in December month was trading lower by 50 paise, or 0.06 per cent at Rs 790.40 per kg in a business turnover of 174 lots.

Marketmen said the fall in nickel prices was mostly due to offloading of bets by participants due to muted demand at the spot markets and a subdued trend overseas.