Nickel futures were trading lower during the afternoon trade in the domestic market on Wednesday tracking a weak trend in base metals at the London Metal Exchange (LME) amid muted demand at the domestic spot markets. Market analysts said the fall in nickel prices was mostly in tune with a weak trend in the base metals pack at the LME.
Besides, muted demand from alloy-makers at the domestic spot markets weighed on metal prices in futures trade. At the MCX, nickel futures for June 2018 contract is trading at Rs 1055.60 per kg, down by 0.16 per cent, after opening at Rs 1051, against a previous close of Rs 1057.30. It touched the intra-day low of Rs 1050.40
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