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Nickel futures today traded lower by 0.53% to Rs 968.80 per kg largely in tune with a weakening trend overseas amidst subdued spot demand.
At the Multi Commodity Exchange, nickel for delivery in current month weakened by Rs 5.20, or 0.53%, to Rs 968.80 per kg in business turnover of 269 lots.
Similarly, the metal for delivery December month traded lower by Rs 4.70, or 0.48%, to Rs 975.90 per kg in 9 lots.
Globally, nickel for delivery in three months was down 0.80% at $15,676 per tonne at the London Metal Exchange. Prices rose 1.4% to to $15,795 a tonne yesterday.
Market analysts said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas amid data showing property prices declined a second month in China, the largest metals consumer, and after weaker industrial production data in the US, mainly weighed on nickel prices in futures trade here.
