Nickel down on subdued domestic demand

Fall in prices was mostly attributed to off-loading of positions by speculators

Amid a weak trend in the domestic market due to subdued demand, nickel fell 0.11% to Rs 839.80 per kg in futures trade today as speculators reduced their positions.

At the Multi Commodity Exchange, nickel for delivery in February eased by 90 paise, or 0.11%, to Rs 839.80 per kg in a business turnover of 65 lots.

The metal for delivery in January was also down by 80 paise, or 0.10%, to Rs 831.40 per kg in a turnover of 528 lots.

Analysts said the fall in nickel prices at futures trade was mostly attributed to off-loading of positions by speculators, driven by subdued demand from alloy-makers at domestic spot market but strength in base metals overseas, capped the fall.