Nickel futures down 0.92% on global cues

Nickel prices fell by 0.92% in futures trade today after speculators reduced their positions taking cues from weak London Metal Exchange on demand concerns and strengthening dollar.

At the Multi Commodity Exchange, nickel for delivery in May fell by Rs 9.80, or 0.92% to Rs 1,055.30 per kg, with a business turnover of 1,796 lots. 

Likewise, the metal for delivery in June lost Rs 9.60, or 0.89%to Rs 1,064 per kg, with a business volume of 180 lots.

Analysts said besides a weakening trend in copper and other base metals at the London Metal Exchange, as a stronger dollar eroded the appeal of commodities amid demand concerns, mainly weighed down on nickel prices at futures trade today.