Nickel falls by 0.1% on global cues

Nickel prices fell marginally by 0.09% to Rs 916.40 per kg in futures trade today as speculators indulged in offloading positions after the metal weakened in global markets.

Further, subdued demand from alloy-makers in domestic spot markets weighed on the prices.

At the Multi Commodity Exchange, nickel for delivery in February eased by 80 paise, or 0.09%, to Rs 916.40 per kg in a business turnover of 382 lots.

The metal for delivery in March shed 50 paise, or 0.05%, to Rs 923.70 per kg in six lots.

Analysts said the fall in nickel prices at futures trade was in tandem with a weakening trend in global markets after talks between Greece and its creditors ended in deadlock and ahead of retail sales data from the US, the world's second-biggest consumer of metals.
 
In addition, a fall in demand from alloy-makers in the domestic spot markets put pressure, they said.

Globally, nickel for delivery in three months fell as much as 0.3% to USD 14,700 per tonne on the London Metal Exchange.