Nickel down by 0.3% on low demand

Nickel prices were down by 0.29% to Rs 987.90 per kg in futures trade today after speculators off-loaded their positions, tracking a weak demand from alloy-makers at domestic markets.

However, a firming trend in select base metals overseas, restricted the losses.

At the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 2.90, or 0.29%, to Rs 987.90 per kg in a business turnover of 299 lots.

The metal for delivery in January shed Rs 2.10, or 0.21%, to Rs 996.20 per kg in 12 lots.

Analysts said the fall in nickel prices in futures trade was largely in tandem with a weakening trend at the domestic market due to low demand from alloy-makers but metal's strength at the London Metal Exchange (LME), limited the fall.