Nickel futures down on weak overseas cues

Nickel futures prices continued to decline and lost 0.35% to Rs 1,163.90 per kg as traders engaged in off-loading their positions, tracking weakening trend at the London Metal Exchange.

At the Multi Commodity Exchange, nickel for delivery in June traded Rs 4.10, or 0.35% lower at Rs 1,163.90 per kg, with a business turnover of a single lots.

The metal for delivery in May fell by Rs 3.50, or 0.30% to Rs 1,154.30 per kg, with a business volume of four lots.

Market analysts said a weak trend in copper and other base metals overseas due to demand worries on weak US data, mainly pulled down nickel futures prices here.

 

Meanwhile, nickel at the LME traded lower at $25,800 per tonne.