Nickel weakens in futures trade

NEW DELHI: Nickel futures prices fell by 0.30 per cent to Rs 1,070.60 per kg as speculators reduced their positions in view of the approaching monthly expiry amid subdued trend at the London Metal Exchange.

At the Multi Commodity Exchange, nickel for delivery in July traded Rs 3.20, or 0.30 per cent, lower at Rs 1,070.60 per kg, with a business turnover of 1,396 lots.

The metal for August delivery shed Rs 3.10, or 0.29 per cent, to Rs 1,075.90 per kg, with a trade volume of 416 lots.

Market analysts said besides weakening trend at the spot markets due to sluggish demand from alloy-makers, weakness in metals at the LME put pressure on the nickel futures prices.

Meanwhile, nickel fell by 0.40 per cent to USD 24,300 a tonne at the LME in early trade today.