Nickel futures slide 1.14 pc on muted demand

Nickel prices declined by 1.14 per cent to Rs 726.50 per kg in futures trade today as speculators cut down bets, driven by easing demand in the spot market amid weak global cues.

At the Multi Commodity Exchange, nickel for delivery in the current month fell by Rs 8.40, or 1.14 per cent, to Rs 726.50 per kg, in a business turnover of 1,445 lots.

Likewise, the metal for delivery in December fell Rs 7.70, or 1.04 per cent, to Rs 730.20 per kg in 1,261 lots.

Analysts said offloading of positions by participants on the back of sluggish demand from alloy-makers and a weak trend in base metals pack at the London Metal Exchange (LME), mainly influenced nickel prices at the futures trade.
 

At the LME, three-month nickel traded at USD 11,370 per tonne.