Nickel prices fall 0.57% on global cues

Slackened domestic demand by alloy-makers adds to fall

Weak global cues and subdued domestic demand saw nickel prices fall by Rs 5 to Rs 879 per kg in futures trade today.

At the Multi Commodity Exchange, nickel for delivery in July fell by Rs 5, or 0.57%, to Rs 879 per kg with a business turnover of 7,219 lots.

August nickel lost Rs 4.40, or 0.49%, to Rs 890.50 per kg in 1,707 lots.

Market analysts said besides a weak global trend, slackened demand from alloy-makers in the spot market kept pressure on nickel prices.

Meanwhile, nickel retreated 0.9% to $15,612 a tonne on the London Metal Exchange due to global concerns on demand being affected by the worsening euro-zone debt crisis and China's slowing economy.