Nickel futures down 0.31% on weak global cues, low spot demand

Nickel futures traded lower by 0.31 per cent to Rs 671.10 per kg largely in tune with weak overseas trend amid subdued demand from alloy-makers at the domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in October weakened by Rs 2.10, or 0.31 per cent, to Rs 671.10 per kg in a business turnover of 2,816 lots.

Similarly, the metal for delivery in November was down by Rs 1.90, or 0.28 per cent, to Rs 678 per kg in 113 lots.

Market analysts said apart from weak demand from alloy makers at domestic spot markets, a weak trend in the base metals pack overseas weighed on nickel prices at futures trade here.