Nickel futures decline 0.14 pc

NEW DELHI: Nickel futures declined by 0.14 per cent today as traders reduced their positions, even as the metal strengthened on the London Metal Exchange (LME).

At the Multi Commodity Exchange, nickel for delivery in June declined by Rs 1.40, or 0.14 per cent, to Rs 1,004.30 per kg, with a business turnover of 2,485 lots.

Likewise, the metal for delivery in July also fell by a similar margin to Rs 1,013.80 per kg, with a trade volume of 142 lots.

Analysts said subdued demand for the metal in the domestic spot market mainly led to the fall in nickel futures prices, but gains in base metals on the LME restricted the losses.

Meanwhile, nickel rose 0.60 per cent cent to USD 22,450 a tonne at the LME.