Nickel futures down on overseas trend

NEW DELHI: Nickel prices fell by 0.83 per cent to Rs 1,015.70 per kg in futures trade today after participants reduced their positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 8.50, or 0.83 per cent to Rs 1,015.70 per kg, with a business turnover of 7,025 lots.

Likewise, the metal for delivery in July edged lower by Rs 8.40, or 0.81 per cent to Rs 1,025.40 per kg, with a business volume of 504 lots.

Analysts said a weak trend in copper and other base metals overseas along with recovery in dollar, which eroded the appeal of commodities, mainly kept pressure on nickel prices at futures trade.

Slackened demand for the metal at the domestic spot markets also put pressure on the nickel prices at futures trade here, they added.