Nickel futures down on weak overseas cues

NEW DELHI: Nickel futures declined by Rs 6.10 to Rs 1,037 per kg today largely in tandem with a weakening trend in base metals overseas.

Subdued spot demand from alloy-makers in the domestic markets also weighed on nickel futures prices.

At the Multi Commodity Exchange, nickel for delivery in March dropped by Rs 6.10, or 0.78 per cent, to Rs 1,037 per kg, with a trading volume of 266 lots.

The metal for delivery in February also fell by Rs 8, or 0.77 per cent, to Rs 1,031.50 per kg, in a turnover of 3,730 lots.

Analysts said weakness in base metals overseas on concern that an unexpected drop in consumer confidence may slow demand in the US economy and sluggish demand from domestic alloy-makers, put pressure on the nickel futures prices here.