Nickel down 0.2% on global cues

Metal for delivery in August shed 0.20%

Nickel prices moved down by 0.21% to Rs 1,134.80 per kg in futures trade today as speculators trimmed positions even as the metal strengthened overseas.

At the Multi Commodity Exchange, nickel for delivery in September declined by Rs 2.40, or 0.21%, to Rs 1,134.80 per kg in a business turnover of three lots.

The metal for delivery in August shed Rs 2.30, or 0.20%, to Rs 1,129.50 per kg in 329 lots.

Analysts said the fall in nickel prices was mostly due to offloading of positions at current levels and fall in demand from alloy-makers even as the metal showed some strength at the London Metal Exchange.