Nickel futures down on global cues

NEW DELHI: Nickel prices fell by 0.55 per cent in futures trading today, as speculators were seen off-loading their positions, triggered by weak trend at the London Metal Exchange (LME).

Also, monthly expiry in the derivatives segment and subdued demand from consuming industries it the domestic market put pressure on the nickel futures prices.

At the Multi Commodity Exchange, nickel for delivery in April moved down by Rs 7.10, or 0.55 per cent, to Rs 1,295.20 per kg, with an open interest of just one lot.

Similarly, the metal for delivery in February weakened by Rs 6.20, or 0.48 per cent, to Rs 1,285.70 per kg, with a business turnover of two lots.

Meanwhile, at the LME, nickel fell 1.1 per cent to USD 28,380 a tonne.

Market analysts said apart from sluggish domestic demand, weak trend at the LME on concern that geopolitical tension in the Middle East and Africa may hurt global growth, mainly kept pressure on the nickel futures prices here.