Nickel falls by 0.9% on weak global cues

A weak trend in overseas market where base metals fell weighed on nickel prices

Nickel futures today traded lower by Rs 6.60 to Rs 733.20 per kg, tracking a weak overseas trend amid subdued demand at domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery this month weakened by Rs 6.60, or 0.89%, to Rs 733.20 per kg in a business turnover of 924 lots.

Similarly, the metal for delivery in August was trading lower by Rs 6.10, or 0.82%, to Rs 741 per kg in 74 lots.

Analysts said apart from subdued trend at domestic spot markets, a weak trend in overseas market where base metals fell weighed on nickel futures prices here.
 
Globally, nickel for delivery in three months on the London Metal Exchange slid 1.7%.