Nickel falls on global cues, sluggish demand

Nickel futures traded lower by 0.77% today, as speculators reduced their positions, taking weak cues from London Metal Exchange (LME) and fall in demand from domestic alloy-makers.

At the Multi Commodity Exchange, January nickel fell by Rs 7.50, or 0.77%, to Rs 970.20 per kg, with an open interest of 396 lots.

The December delivery lost Rs 7.30, or 0.75%, to Rs 963.80 per kg, with a trading volume of 4,637 lots.

Meanwhile, nickel dropped 0.9% to $18,430 per tonne on the LME.

Market analysts attributed the fall in nickel futures prices to a weakening trend in the domestic spot market due to subdued demand from alloy-makers and a weakening trend in the entire base metals pack at the LME.