Nickel futures decline on lower global trend

NEW DELHI: Nickel prices traded lower by Rs 1.80 to Rs 1,071.40 per kg in futures trade today as speculators reduced their positions on the back of a weakening global trend.

At the Multi Commodity Exchange, nickel for delivery in July declined by Rs 1.80, or 0.17 per cent, to Rs 1,071.40 per kg, with a business turnover of 3,259 lots.

Similarly,the metal for delivery in August shed Rs 1.50, or 0.14 per cent, to Rs 1,079.90 per kg, with an open interest of 251 lots.

Market analysts said besides a weakening global trend, subdued demand from alloy-makers mainly led to the fall in nickel futures prices.

Meanwhile, nickel lost 0.5 per cent to USD 24,100 a tonne on the London Metal Exchange.