Nickel futures weaken on muted spot demand

NEW DELHI, Feb 23: Nickel fell by 0.93 per cent to Rs 887.10 per kg in futures trade today as speculators cut bets amid a weak trend at the domestic spot markets on subdued demand.
Besides, muted cues from global market weighed on sentiment.
At the Multi Commodity Exchange, nickel for delivery in current month was trading down by Rs 8.30, or 0.93 per cent, at Rs 887.10 per kg in a business turnover of 1,106 lots.
The metal for delivery in March was also down by Rs 8.30, or 0.92 per cent, at Rs 887.10 per kg in a turnover of 1,106 lots.
Analysts said the fall in nickel prices was mostly in line with a weakening trend at the domestic spot markets, owing to muted demand from alloy-makers.
At the London Metal Exchange (LME) nickel traded 0.5 per cent down. (PTI)