Nickel declines by 0.3% on overseas cues

Low demand from alloy makers at the spot market also affected prices

Nickel prices softened 0.34% to Rs 682.30 per kg in futures market today as speculators trimmed positions amidst a weak trend overseas and low demand from alloy makers at the spot market.

At Multi Commodity Exchange, nickel for delivery this month traded lower by Rs 2.30, or 0.34%, to Rs 682.30 per kg in a turnover of 415 lots.

The metal for delivery in November weakened by Rs 2, or 0.29%, to Rs 689.20 per kg in 17 lots.

Analysts said apart from subdued demand from alloy makers in the domestic spot market, weakness in select base metals at the London Metal Exchange, mainly weighed on nickel futures here.