Nickel futures slide 1.01% on muted demand

Nickel prices declined by 1.01 per cent to Rs 723.60 per kg in futures trade today as speculators cut down their bets, driven by easing demand in the spot market.

At the Multi Commodity Exchange, nickel for delivery in current month contracts fell by Rs 7.40, or 1.01 per cent, to Rs 723.60 per kg, in a business turnover of 877 lots.

Likewise, the metal for delivery in September shed Rs 7.10, or 0.97 per cent, to Rs 727.90 per kg in six lots.

Analysts said offloading of positions by participants on the back of sluggish demand from alloy-maker in the spot market, mainly weighed on nickel prices at futures trade.