Nickel down by 0.1% on weak global cues

Weak demand from alloy-makers also affected prices

Nickel futures today traded lower by 0.13% to Rs 593.60 per kg, largely in tune with a weak overseas trend amid subdued demand at domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in February contracts weakened by 80 paise, or 0.13%, to Rs 593.60 per kg, in a business turnover of 269 lots.

Similarly, the metal for delivery in January traded lower by 20 paise, or 0.03%, to Rs 588.10 per kg in 1,071 lots.

Analysts said besides weak demand from alloy-makers at domestic spot markets, a weak trend in base metals overseas as Barclays Plc said it expects Chinese demand to grow at its slowest pace since 1998.