Nickel futures down on weak overseas trend

Nickel prices moved down by Rs 20.70 to Rs 1,097.80 per kg in futures trade today as speculators off-loaded their positions in tandem with a weakening trend in the global markets.

At the Multi Commodity Exchange, nickel for delivery in June moved down by Rs 20.70, or 0.93% to Rs 1,097.80 per kg, with a business volume of two lots.

The May contract lost Rs 10, or 0.90% to Rs 1,098 per kg, with a trade volume of just one lot.

Market analysts said besides a weak trend at London Metal Exchange (LME), subdued demand from alloy-makers pulled down the nickel futures prices.

At the LME, nickel dropped by 0.4% to $24,300 a metric tonne.