Nickel down by 0.3% on overseas cues

Nickel prices were down by 0.32% to Rs 1,029.80 per kg in futures trade today after speculators off-loaded their positions, tracking a weak trend in base metals overseas.

Further, subdued demand at domestic spot markets from alloy-makers weighed on metal prices.

At the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 3.30, or 0.32%, to Rs 1,029.80 per kg in a business turnover of 474 lots.

The metal for delivery in January 2015 shed Rs 2.10, or 0.20%, to Rs 1,036.90 per kg in 21 lots.

Analysts said the fall in nickel prices in futures trade was largely in tandem with a weakening trend in base metals at the London Metal Exchange (LME) as global demand seen slowing
 
Subdued demand from domestic alloy-makers also put pressure on metal prices at futures trade, they said.