Nickel futures down over 1% on global trend

Nickel futures prices moved down by 1.67 per cent to Rs 1,196.40 per kg today as speculators engaged in reducing their commitments, driven by a weak trend overseas.  

At the Multi Commodity Exchange, nickel for delivery in March fell by Rs 20.30, or 1.67 per cent, to Rs 1,196.40 per kg, with a business turnover of 3,622 lots.

Similarly, the metal for delivery in April shed Rs 19, or 1.55 per cent, to Rs 1,206.50 per kg, with a business volume of 739 lots. 

Market analysts said apart from a weakening trend in copper and other base metals overseas, subdued spot demand also put pressure on nickel futures prices.