Nickel falls 0.82% on global cues

Nickel prices fell by 0.82% to Rs 960.60 per kg in futures trade today, largely in tandem with subdued spot demand and weakening trend overseas.

At the Multi Commodity Exchange, October nickel fell by Rs 7.90, or 0.82%, to Rs 960.60 per kg, with a business turnover of 544 lots.

The September contract lost Rs 6.90, or 0.72%, to Rs 956 per kg in 5,391 lots.

Market analysts said besides sluggish demand from alloy-makers in the spot market, weakness in the entire base metals at the London Metal Exchange (LME), also led to fall in nickel prices in futures trade here.

Meanwhile, the LME Index of prices for six industrial metals including copper and aluminium slid 1.6% yesterday.