Nickel down 0.4% on global cues

Metal for delivery in January shed 0.40%

Nickel prices declined 0.47%, to Rs 863.50 per kg in futures trading today as speculators reduced their holdings amid a weak global trend.

At the Multi Commodity Exchange, nickel for delivery in current month, December eased by Rs 4.10, or 0.47%, to Rs 863.50 per kg in business turnover of 231 lots.

On the similar lines, the metal for delivery in January shed Rs 3.50, or 0.40%, to Rs 872.50 per kg in 457 lots.

Market analysts said off-loading of positions by speculators in tune with a weak global trend in base metals and ending monthly settlement, mainly kept pressure on nickel futures.