Nickel futures down 0.80 pc on global cues

NEW DELHI: Nickel futures prices fell 0.80 per cent to Rs 1,077.70 per kg today after speculators reduced their positions, tracking a weak trend at the London Metal Exchange (LME).

Besides, weak trend at domestic spot markets due to sluggish demand from consuming industries, also weighed on nickel futures prices.

At the Multi Commodity Exchange counter, nickel for November delivery fell by Rs 8.70, or 0.80 per cent, to Rs 1,077.70 per kg, with a business turnover of just one lot.

Similarly, the metal for delivery in December, declined by Rs 7.60, or 0.79 per cent, to Rs 1,087.60 per kg, with a trade volume of one lot.

At the LME, nickel declined 1.3 per cent to USD 24,150 per tonne.

Marketmen said weak trend in most of the base metals at the LME and fall in demand from alloy makers at domestic markets, kept pressure on the nickel futures prices here.