PTI reported that amid a weak trend in global markets and sluggish spot demand, Indian nickel futures fell by INR 6.70 or 0.67% to INR 988.40 per kilogram.

At the Multi Commodity Exchange, September nickel fell by INR 6.70 or 0.67% to INR 988.40 per kilogram with a business turnover of 956 lots. The October contract lost INR 6.40 or 0.64% to INR 993.90 per kilogram with a trade volume of 112 lots.

Market analysts attributed fall in copper futures to a weak trend in entire base metals at the London Metal Exchange as mounting worries about Europe's sovereign debt crisis, reducing prospects of growing demand for industrial metals.

In addition, subdued spot demand from alloy-makers also had a negative impact. Globally, nickel was down 0.2% at USD 21,105 per tonne at the London Metal Exchange in early trade.

(Sourced from Press Trust of India)