Nickel futures melt 0.45% on global cues, muted demand

New Delhi: Taking weak cues from overseas market and subdued demand at the domestic spot market, nickel prices were down by 0.45 per cent to Rs 588.90 per kg in futures trade today as participants cut down their bets.

At Multi Commodity Exchange, nickel for delivery in January next year was trading lower by Rs 4.40, or 0.45 per cent, to Rs 588.90 per kg in a business turnover of 205 lots.

The metal for delivery in December also lost Rs 2.40, or 0.41 per cent, to Rs 583.40 per kg in a turnover of 3,195 lots.

Analysts said the fall is mostly in line with a weakening trend in the base metals pack at the London Metal Exchange (LME) on concern over the sustainability of demand in China, the largest consumer.

Globally, at the LME, nickel used in stainless steel fell as much as 0.7 per cent.