Nickel futures down 0.40 per cent on global cues, subdued demand

NEW DELHI: Nickel prices fell 0.40 per cent to Rs 1,132.10 per kg in futures trade today as speculators offloaded positions tracking a weak global trend and sluggish domestic demand.

At the Multi Commodity Exchange, nickel for delivery in June declined by Rs 4.60, or 0.40 per cent, to Rs 1,136.10 per kg in a business turnover of 362 lots.

Similarly, the metal for delivery in July traded lower by Rs 3.90, or 0.34 per cent, to Rs 1,137.70 per kg in 10 lots.

Analysts said trimming of positions by speculators after nickel weakened overseas as production at Vale SA's plant in New Caledonia, holder of the world's second-biggest reserves, is set to resume within 10 days, mainly put pressure on metal prices at futures trade.

Meanwhile, nickel for delivery in three months dropped 0.40 per cent to USD 18,945 a tonne on the London Metal Exchange, down for the third straight day.