Nickel down by 0.6% on global cues

Continuing its losing streak for the third straight day, nickel prices shed another 0.59% to Rs 589.10 per kg in futures trade today as speculators engaged in reducing their positions, triggered by a weakening global trend.

At Multi Commodity Exchange, nickel for delivery in November declined by Rs 3.50, or 0.59% to Rs 589.10 per kg in a business turnover of 1,699 lots.

On similar lines, the metal for delivery in December traded lower by Rs 3.20, or 0.53%, to Rs 595.60 per kg in 159 lots.

Analysts attributed the fall in nickel futures to a weakening global trend where it tumbled to the lowest level in more than a decade as stainless-steel output in China slows amid forecasts for the weakest economic growth in a generation.

Meanwhile, nickel for delivery in three-month dropped 1.7% to $8,800.00 a metric tonne, the lowest since July 2003 on the London Metal Exchange (LME).