Nickel down 0.6% on global cues

Metal for delivery in February declined by 0.57%

Nickel prices fell by 0.63% to Rs 900.90 per kg in futures trade today as speculators trimmed their positions, taking a negative cues from overseas markets.

At the Multi Commodity Exchange, nickel for delivery in January fell by Rs 5.50, or 0.63%, to Rs 900.90 per kg in business turnover of 2,372 lots.

Similarly, the metal for delivery in February declined by Rs 5.20, or 0.57%, to Rs 907.60 per kg in 463 lots.

Analysts attributed the fall in nickel futures to a weak global trend on speculation that Indonesia, may not impose a complete ban on ore shipments, easing supply concern, mainly influenced nickel prices at futures trade.

Meanwhile, nickel for delivery in three months lost 0.9% to 14,354 dollar a metric tonne, the lowest level since January 20 on the London Metal Exchange.