Nickel futures down on weak global cues

NEW DELHI: Tracking a weakening trend in base metals overseas, nickel prices fell by 0.75 per cent to Rs 1,205.70 per kg in futures trade today.

Fall in domestic demand from alloy makers in the spot market also weighed on the nickel futures prices.

At the Multi Commodity Exchange, nickel for delivery in May fell by Rs 9.20, or 0.75 per cent, to Rs 1,220.30 per kg, with a business turnover of four lots.

Likewise, nickel for delivery in April shed Rs 7.60, or 0.63 per cent, to Rs 1,205.70 per kg, with an open interest of six lots.

Analysts said besides a weakening trend at the London Metal Exchange, subdued demand from alloy-maker in the spot market led to the decline in nickel futures prices.

Meanwhile, nickel dropped 0.8 per cent to USD 26,974 a metric tonne at London Metal Exchange.