Nickel falls by 0.3% on muted spot demand

Nickel prices drifted by 0.28% to Rs 571.50 per kg in futures trading today as traders reduced positions, tracking a weak trend at spot market on sluggish demand from consuming industries.

At the Multi Commodity Exchange, nickel for delivery in April declined by Rs 1.60, or 0.28% to Rs 571.50 per kg in a business turnover of 1,224 lots.

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On similar lines, metal for delivery in May traded lower by Rs 1.40, or 0.24% to Rs 577.50 per kg in 27 lots.

Market analysts said the fall in nickel prices in futures trade was mostly on weak trend at spot market on subdued demand from alloy-makers but metal's gain overseas, capped the losses.