Nickel futures down on weak global cues

NEW DELHI: Nickel prices fell by Rs 2.80 to Rs 1,299.40 per kg in futures trading today as speculators reduced their positions amid weak trend at the London Metal Exchange (LME).

Also, fall in demand from consuming industries at the domestic market also put pressure on the nickel futures prices.

At the Multi Commodity Exchange, nickel for delivery in March declined by Rs 2.80, or 0.22 per cent, to Rs 1,299.40 per kg, with a business turnover of two lots.

Similarly, the metal for delivery in April moved down by Rs 2.40, or 0.18 per cent, to Rs 1,305.50 per kg, with an open interest of just one lot.

Market analysts said besides weak trend at the LME, fall in demand at the domestic market also put pressure on the nickel futures prices here.

Meanwhile, nickel lost 0.6 per cent to USD 28,625 a tonne on the LME.