Nickel down by 0.8% on subdued spot demand

A weak trend overseas also weighed on nickel prices

Nickel futures traded lower by 0.80% to Rs 897 per kg largely in tune with weak overseas trend amidst subdued demand from alloy-makers at domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in March weakened by Rs 7.20 paise, or 0.80%, to Rs 897 per kg in a business turnover of 857 lots.

Similarly, the metal for delivery in April traded lower by Rs 7.20, or 0.79%, to Rs 904.40 per kg in 28 lots.

Globally, nickel dropped 0.4% to $18,228 per tonne at the London Metal Exchange after stockpiles rose to a record-high.

Market analysts said apart from weak demand from alloy makers at domestic spot markets, a weak trend overseas weighed on nickel prices at futures trade here.