Nickel falls by 0.7% on weak global cues

Subdued demand at domestic spot markets also affected prices

Nickel futures today traded lower by 0.68% to Rs 678.90 per kg, largely in tune with a weak overseas trend amid subdued demand at domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in November contracts weakened by Rs 4.70, or 0.68%, to Rs 685 per kg in a business turnover of 46 lots.

Similarly, the metal for delivery in the current month traded lower by Rs 3.90, or 0.57%, to Rs 678.90 per kg in 1,866 lots.

Analysts said besides weak demand from alloy-makers at domestic spot markets, a weak trend overseas where base metals fell after data showed Chinese imports fell for the 11th month, the longest losing streak in six years, fuelled worries about health of Asia's largest economy.
 
At the London Metal Exchange nickel slid at least 1.4%.