Nickel falls by 0.1% on global cues

Taking weak cues from overseas market and subdued demand at the domestic spot market, nickel prices fell 0.15% to Rs 681.90 per kg in futures trade today as participants cut down their bets.

At Multi Commodity Exchange, nickel for delivery in October was trading lower by Re 1, or 0.15%, to Rs 681.90 per kg, in a business turnover of 1,116 lots.

The metal for delivery in November also shed 30 paise, or 0.04%, to Rs 688.10 per kg, in a turnover of 428 lots.

Analysts said the fall is mostly in line with a weakening trend in the base metals pack at the London Metal Exchange (LME) after the US Federal Reserve signaled it may raise interest rates as early as December, strengthening the dollar.
 
Besides subdued demand from alloy-makers at the spot market, weighed on metal prices, they said.