Nickel weakens in futures trade

NEW DELHI: Amid weak trend in global markets and sluggish spot demand, nickel prices drifted by Rs 6.50, or 0.54 per cent at Rs 1,196.50 per kg in futures trading on Friday.

At the Multi Commodity Exchange counter, nickel for delivery in April contract fell by Rs 6.50, or 0.54 per cent at Rs 1,196.50 per kg, in an open interest of 16,670 lots.

The metal for delivery in May edged lower by Rs 6.30, or 0.52 per cent, to Rs 1,197.80 per kg, in an open interest of 6,248 lots.

At the London Metal Exchange, nickel fell by $95, or 0.35 per cent to $27,000 per tonne.

Market analysts said, apart from weak trend in base metals at the London Metal Exchange, absence of spot demand in the market also put pressure on nickel futures.