Nickel futures down on subdued demand

NEW DELHI: Nickel futures traded 0.23 per cent down at Rs 571.30 per kg today as speculators reduced their exposure amid a weakening trend in the domestic spot markets.

However, a firm trend in the base metals at the London Metal Exchange ( LME), limited the losses.

At the Multi Commodity Exchange, nickel for delivery in April shed Rs 1.30, or 0.23 per cent, to Rs 571.30 per kg, in a business turnover of 647 lots.

On similar lines, metal for delivery in far-month May dropped by 60 paise, or 0.10 per cent, to trade at Rs 578.90 per kg in 49 lots.

At the LME, nickel advanced 1.1 per cent.

Market analysts said the fall in nickel prices was mostly in line with a weak trend at the spot markets following fall in demand from alloy-makers.