Nickel down 0.7% on global trends, subdued spot demand

Metal for delivery in February traded lower by 0.59%

Nickel futures traded lower by 0.69% to Rs 964.60 per kg today due to a weakening trend overseas amidst subdued spot demand.

At the Multi Commodity Exchange, nickel for delivery in current month weakened by Rs 6.70, or 0.69%, to Rs 964.60 per kg in a business turnover of 466 lots.

Also, the metal for delivery in February traded lower by Rs 5.80, or 0.59%, to Rs 972.20 per kg in 8 lots.

Globally, nickel for delivery in three months was down 0.8% at USD 15,423 per tonne at the London Metal Exchange.

Marketmen said apart from weak demand from alloy-makers at domestic spot markets, a weak trend overseas as China's factory-gate prices extended a record run of declines, weighed on nickel prices in futures trade here.