Nickel futures melt 0.83% as global cues, muted demand weighs

NEW DELHI: Taking weak cues from overseas market and subdued demand at the domestic spot market, nickel prices were down by 0.83 per cent to Rs 633.10 per kg in futures trade today as participants cut down their bets.

At Multi Commodity Exchange, nickel for delivery in November was trading lower by Rs 5.30, or 0.83 per cent, to Rs 633.10 per kg in a business turnover of 944 lots.

The metal for delivery in December also lost Rs 5.10, or 0.79 per cent, to Rs 639.90 per kg in a turnover of 76 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 Chinese inflation data were weaker than expected, deepening concern about a slowdown in the world's biggest consumer.

Globally, at the LME, nickel used in stainless steel fell as much as 1.6 per cent at $9,425 per tonne.