Nickel futures tumble 4.29% on weak global cues

Tracking a weak global trend, nickel prices plunged by 4.29 per cent to Rs 756.50 per kg in futures trade today as speculators trimmed positions.
At Multi Commodity Exchange, nickel for delivery in June dropped by Rs 33.90, or 4.29 per cent to Rs 756.50 per kg in business turnover of 37,731 lots.
Likewise, the metal for delivery in July plunged by Rs 31.80, or 3.99 per cent to Rs 765.20 per kg in 22,512 lots.
Analysts attributed the sharp fall in nickel futures to a weak global trend where it slid to the lowest since May 2009, leading declines in base metals, as Greece's deepening debt crisis undermined confidence in the global growth outlook.

Furthermore, subdued demand from alloy-makers at the spot market, weighed on metal prices, they said.
Meanwhile, nickel for three-month delivery retreated 4.9 per cent to USD 11,845 a metric tonne on the London Metal Exchange and touched the lowest intraday price since May 2009.