Firming trend at the LME restricted losses
Amid subdued spot markets demand, nickel futures fell by 0.53% to Rs 938.70 per kg today as speculators trimmed their position.
However, a firming trend in the entire base metals at the London Metal Exchange restricted the losses.
At the MCX, nickel for delivery in June shed Rs 5, or 0.53%, to Rs 938.70 per kg, with a business turnover of 775 lots.
The July contract declined by Rs 4.90, or 0.52%, to Rs 945.60 per kg, with a business turnover of 158 lots.
Market analysts said sluggish demand from alloy-makers in the spot market weighed on nickel futures prices here but strength in the entire base metals pack at the LME limited the losses.
Nickel rose marginally 0.01% to $16,576 a tonne at the LME.
Lead futures prices today rose by 0.45% after participants created positions, taking positive cues from global markets.