Nickel down on weak global markets

Nickel futures fell by 0.30% to Rs 971.90 per kg today after speculators locked-in gains amid a weakening trend in base metals overseas.

At the Multi Commodity Exchange, January nickel traded Rs 2.90, or 0.30% lower at Rs 971.90 per kg, with a business turnover of 301 lots.

The December metal declined by Rs 2.70, or 0.13%, to Rs 965.30 per kg, with a business turnover of 2,918 lots.

Market participants said apart from sluggish demand from alloy-makers, weakness in base metals at the London Metal Exchange (LME) after China trade slowed following less-than- expected growth in its exports in November, put pressure on nickel futures here.