Nickel futures down 0.99 pc on global cues

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Nickel prices fell by 0.99 per cent to Rs 1,034.90 per kg in futures trade today as speculators reduced their positions, triggered by a weakening trend overseas. 

Subdued demand for the metal at the domestic spot markets also weighed down on the prices at futures trade here. 

At the Multi Commodity Exchange , nickel for delivery in May fell by Rs 10.40, or 0.99 per cent to Rs 1,034.90 per kg, with a business turnover of 1,479 lots. 

Likewise, the metal for delivery in June lost Rs 10.30, or 0.98 per cent to Rs 1,042.40 per kg, with a business volume of 687 lots. 

Analysts said besides a weakening trend in copper and other base metals overseas, a stronger dollar, which eroded the appeal of commodities mainly kept pressure on nickel prices at futures trade today.

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