Nickel futures lose 0.6% on weak overseas cues

Nickel futures declined by 0.60% today, as speculators reduced their positions, tracking a weakening trend in base metals overseas.

Subdued demand from alloy-makers in the spot market also weighed on nickel futures prices here.

At the Multi Commodity Exchange, December nickel dropped by Rs 5.90, or 0.60%, to Rs 980.70 per kg, with a trading volume of 1,641 lots.

The January delivery also fell by a similar margin to Rs 986.80 per kg in 408 lots.

Market analysts said a weakening trend in base metals in overseas and a fall in demand from alloy-makers in the spot market mainly contributed to the fall in nickel futures prices.