Nickel down by 0.2% on weak global cues

Easing demand from alloy-makers at the domestic spot market also affected prices

Taking weak cues from global market and muted demand at the domestic spot market, nickel prices dropped 0.20% to Rs 633.30 per kg in futures trade today as traders cut down bets.

At Multi Commodity Exchange, nickel for delivery in August was trading Rs 1.30, or 0.20%, down at Rs 633.30 per kg in a business turnover of 368 lots.

The metal for delivery September also shed 60 paise, or 0.09%, to Rs 641.40 per kg in a turnover of 75 lots.

Analysts said the fall in nickel prices in futures trade is mostly attributed to a weakening trend in base metal at the London Metal Exchange (LME) and easing demand from alloy-makers at the domestic spot market.