Nickel futures decline 0.72% on global cues, muted demand

Amid weak trend overseas and sluggish demand at domestic spot market, nickel prices were lower by 0.72 per cent to Rs 619.20 per kg in futures trade today.

At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 4.50, or 0.72 per cent, to Rs 619.20 per kg, in a business turnover of 1,440 lots.

Likewise, the metal for delivery in far-month July declined by Rs 4, or 0.64 per cent, to Rs 625.40 per kg in 111 lots.

Analysts said the fall in nickel prices in futures trade is mostly attributed to a weakening trend at the London Metal Exchange (LME) where it dropped 1 per cent amid subdued demand from alloy-makers at the domestic spot market.