Nickel down by 1% on weak global cues

Subdued demand at the domestic spot markets also affected prices

Nickel futures today traded lower by 1.02% to Rs 579.50 per kg as speculators engaged in squaring-up their positions in view of expiry amid a weak overseas trend and subdued demand at the domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in current month contracts weakened by Rs 6, or 1.02%, to Rs 579.50 per kg in a business turnover of 674 lots.

Similarly, the metal for delivery in the December traded lower by Rs 6, or 1.01%, to Rs 586.40 per kg in 472 lots.

Analysts said besides muted demand from alloy-makers at domestic spot markets, a weak trend in the base metals pack at the London Metal Exchange (LME), weighed on nickel prices in futures trade here.