Nickel drops by 0.2% on weak global cues
Participants reduced their exposures amid a weak trend overseas
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Nickel futures eased 0.16% to Rs 873 per kg today as participants reduced their exposures amid a weak trend overseas.
At the Multi Commodity Exchange, nickel for delivery in May fell by Rs 1.40, or 0.16%, to Rs 873 per kg in a business turnover of 2,269 lots.
The metal for delivery in June fell by 40 paise, or 0.05%, to trade at Rs 881.70 per kg in a turnover of 264 lots.
Globally, nickel in London and Shanghai fell for the second day. The metal on the London Metal Exchange dropped 0.6% to $13,670 per tonne, while in Shanghai, the July contract fell 1.5% to 106,950 yuan a tonne.
Market analysts said besides subdued spot demand at domestic markets, a weak trend in base metals overseas as investors await housing data from the US, the world's second-biggest consumer, mainly weighed on nickel futures here.
At the Multi Commodity Exchange, nickel for delivery in May fell by Rs 1.40, or 0.16%, to Rs 873 per kg in a business turnover of 2,269 lots.
The metal for delivery in June fell by 40 paise, or 0.05%, to trade at Rs 881.70 per kg in a turnover of 264 lots.
Globally, nickel in London and Shanghai fell for the second day. The metal on the London Metal Exchange dropped 0.6% to $13,670 per tonne, while in Shanghai, the July contract fell 1.5% to 106,950 yuan a tonne.
Market analysts said besides subdued spot demand at domestic markets, a weak trend in base metals overseas as investors await housing data from the US, the world's second-biggest consumer, mainly weighed on nickel futures here.
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First Published: May 19 2015 | 11:32 AM IST