Nickel down 0.5% on global trends, subdued spot demand

Metal for delivery in June traded lower by 0.47%

Nickel futures today traded lower by 0.51% to Rs 1,081.20 per kg largely in tune with weak overseas trend.

At the Multi Commodity Exchange, nickel for delivery in July weakened by Rs 5.50 paise, or 0.51%, to Rs 1,081.20 per kg in business turnover of 112 lots.

Similarly, the metal for delivery in June traded lower by Rs 5.10, or 0.47%, to Rs 1,076.90 per kg in 2,304 lots.

Globally, nickel dropped 0.4%, to $18,228 per tonne at the London Metal Exchange after stockpiles rose to a record.

Market analysts said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas mainly weighed on nickel prices at futures trade here.