Nickel falls by 0.4% on overseas cues

Nickel fell 0.38% to Rs 1,015.30 per kg in futures trade today as speculators engaged in reducing positions amid a weak trend in global markets and subdued domestic demand.

At the Multi Commodity Exchange, nickel for delivery in January eased by Rs 3.90, or 0.38%, to Rs 1,015.30 per kg in a business turnover of 35 lots.

The metal for delivery in December was also down by Rs 3.50, or 0.35%, to Rs 1,009.40 per kg in a turnover of 710 lots.

Analysts said the fall in nickel prices at futures trade was mostly in tune with a weakening trend in most industrial metals at the London Metal Exchange (LME) after a gauge of manufacturing strength fell to an eight-month low in China, the largest consumer of metals.