Nickel futures down on global cues
Nickel prices fell by Rs 12.50, or 0.98%, to Rs 1,237 per kg in futures trade today on reduced offtake by alloy-makers on the back on a weakening global trend.
At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 12.50, or 0.98%, to Rs 1,237 per kg, with a business turnover of two lots.
Similarly, the metal for delivery in April declined by Rs 9.40, or 0.76%, to Rs 1,223 per kg, with a business volume of two lots.
Market analysts said apart from a weakening trend at the London Metal Exchange, reduced offtake by alloy-makers led to the decline in nickel futures prices.
Meanwhile, nickel dropped 1.4 per cent to $27,330 a metric tonne on the London Metal Exchange.