Nickel down 0.61% on weak global trend

Nickel futures traded 0.61% lower at Rs 965.20 per kg, as speculators reduced their positions due to sluggish demand from alloy-makers in the spot market amid a weak global trend.

At the Multi Commodity Exchange, December nickel fell by Rs 6, or 0.61%, to Rs 965.10 per kg, with a trade volume of 88 lots.

The November nickel traded 5.90, or 0.59% down at Rs 957.60 per kg, with a business turnover of 1,525 lots.

Analysts said besides sluggish demand from alloy-makers in the spot market, a weak trend on the London Metal Exchange (LME) on renewed worries over the eurozone debt crisis, mainly led to the fall in nickel futures prices.

Meanwhile, nickel traded a shade lower at $19,601 a tonne on the LME.