Nickel futures weaken on global cues

Tracking a weakening global trend, nickel prices shed 0.10% to Rs 1,027 per kg in futures trade today as speculators offloaded their positions.

At the Multi Commodity Exchange, nickel for delivery in January traded lower by Re 1, or 0.10%, to Rs 1,027 per kg in business turnover of 7,211 lots.

Similarly, the metal for delivery in February shed 80 paise, or 0.08%, to Rs 1,032.20 per kg in 860 lots.

Market analysts said speculators offloaded their positions on the back of weakening global trend mainly led to decline in nickel futures prices.

Meanwhile, nickel declined 0.2% to $20,400 a tonne on the London Metal Exchange.