Nickel futures fall on global cues

Nickel prices decline by Rs 7.20 to Rs 1,149.20 per kg in futures trade today as speculators reduced their positions, driven by a weak global trend.

At the Multi Commodity Exchange, nickel for delivery in May fell by Rs 7.20, or 0.62% to Rs 1,149.50 per kg, with a business turnover of single lot.

Similarly, the metal for delivery in April lost Rs 6.80, or 0.59% to Rs 1,139.20 per kg, with an open interest of just one lot. 

Market analysts said besides a weak trend at the London Metal Exchange, fall in demand from alloy-makers led to the decline in nickel futures prices.

 

Meanwhile, nickel fell by 0.4% to $25,401 a metric tonne at the LME.