Nickel futures down 0.69% on global cues

Amid weak a trend overseas and subdued domestic demand, nickel futures prices fell by 0.69 per cent to Rs 972.20 per kg today.  

At the Multi Commodity Exchange counter, nickel for November delivery fell by Rs 6.80, or 0.69 per cent to Rs 972.30 per kg, with a business turnover of just two lots.

Similarly, contracts for December delivery of the metal declined by Rs 6.90, or 0.68 per cent to Rs 984.10 per kg, with an open interest of just one lot.

Marketmen said a weak trend in the entire base metals pack on the London Metal Exchange (LME), as a rally in dollar reduced appeal for commodities as an alternative investment and sluggish demand at domestic spot markets, weighed heavily on nickel futures prices here.

Meanwhile, nickel fell by $198 or 0.92 per cent to $21,402 per tonne at the LME.