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Nickel futures shed 0.43 pc on weak global cues

Press Trust of India  |  New Delhi 

Tracking a weak trend overseas, nickel prices fell by 0.43 per cent to Rs 761.50 per kg in futures market today as participants cut down their bets.

Furthermore, tepid demand from consuming industries particularly alloy-makers, at the domestic spot markets, weighed on the prices.

At the Multi Commodity Exchange, nickel for delivery in December was down by Rs 3.30, or 0.43 per cent to Rs 761.40 per kg in a business turnover of 602 lots.

In a similar fashion, the metal for delivery in January eased by Rs 1.80, or 0.23 per cent to Rs 768 per kg in 6 lots.

Analysts attributed the fall in nickel futures to a weak trend overseas where base metals retreated in as some investors who piled into last month's metals rally are locking in some of their gains on the view that the surge driven by speculation of rising US and Chinese demand moved too fast.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 02 2016. 11:28 IST