Nickel falls 0.28% in futures trade

Nickel futures prices fell by 0.28% to Rs 1,006.60 per kg today in line with a weakening trend in domestic spot market.

On the Multi Commodity Exchange, nickel for delivery in August declined by Rs 2.80, or 0.28%, to Rs 1,006.60 per kg, with a business turnover of eight lots.

The June contract shed 40 paise, or 0.04%, to Rs 987.30 per kg, with a trade volume of 2,274 lots.

Analysts attributed the fall in nickel futures to a weakening trend in the spot markets due to sluggish demand from alloy makers.

However, gain in metal prices on the London Metal Exchange capped the losses, they added. Meanwhile, nickel gained 0.3% to $22,100 a tonne on the London Metal Exchange.