Nickel futures down on weak global cues

Nickel shed 0.29 per cent in futures trade today as participants engaged in reducing their positions, tracking a weak trend overseas. 

At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 2.90, or 0.29 per cent, to Rs 983.10 per kg, with a business turnover of 531 lots. 

Likewise, the metal for delivery in July edged lower by Rs 1.90, or 0.19 per cent, to Rs 990 per kg, with an open interest for 53 lots. 

Analysts said a weak trend in copper and other base metals overseas on concerns that demand in China -- the world's largest user -- may stay subdued weighed on nickel futures prices here. 

Slackened demand for the metal in the domestic spot market also put pressure on nickel prices in futures trade, they added. 

At the London Metal Exchange , nickel dropped 0.2 per cent to USD 21,830 per tonne.

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