Nickel futures weaken on global cues
Nickel prices declined by Rs 3.30 to Rs 994 per kg in futures market today as speculators offloaded their positions due to a subdued trend in metals at the London Metal Exchange.
A fall in demand from alloy-makers in the spot market further fuelled the downtrend in nickel futures.
At the Multi Commodity Exchange, nickel for delivery in January declined by Rs 3.30, or 0.33%, to Rs 994 per kg, with a business turnover of 3,658 lots.
The February contract shed Rs 3, or 0.30%, to Rs 999.80 per kg, with an open interest of 220 lots.
Market analysts said apart from a weakening trend in the global markets, fall in demand from alloy-makers in the domestic market led to the decline in nickel prices at futures trading.
Meanwhile, nickel lost 0.5% to $18,700 a tonne on the London Metal Exchange.