Nickel futures shed 0.43% on weak spot cues

Nickel prices softened by 0.43 per cent to Rs 894.10 per kg in futures market today as speculators trimmed positions, taking negative cues from the spot market on tepid demand from alloy-makers.

At the Multi Commodity Exchange, nickel for delivery in February fell by Rs 3.90, or 0.43 per cent, to Rs 894.10 per kg in business turnover of 771 lots.

Similarly, the metal for delivery in March contracts was trading lower by a similar margin to Rs 897 per kg in 405 lots.

Market analysts said cutting down of positions by traders due to muted demand from alloy-makers in the physical market attributed the slide in nickel prices at futures trade.