Nickel falls by 0.2% on weak global cues

Nickel prices moved down by 0.17% to Rs 939.80 per kg in futures trade today as speculators trimmed positions amid negative cues from overseas markets.

Further, subdued demand from alloy-makers in the domestic spot markets, weighed on prices.

At the Multi Commodity Exchange, nickel for delivery in February declined by Rs 1.60, or 0.17%, to Rs 939.80 per kg in a business turnover of 421 lots.

The metal for delivery in March fell by a similar margin to trade at Rs 947.30 per kg in 28 lots.

Analysts said the fall in nickel prices was mostly in tandem with a weakening trend in base metals in the global market after a record trade surplus for China, the largest metals consumer, highlighted weak domestic demand.

Fall in demand from alloy makers in the domestic spot markets too put pressure, they added.

Globally, nickel lost as much as 1.2% at the London Metal Exchange.