Nickel futures down on weak global cues

ads

Nickel futures prices moved down by 0.24 per cent in futures trade today, as speculators reduced their positions amid weak trend at the London Metal Exchange (LME). 

Subdued demand from consuming industries at the domestic market also put pressure on the nickel futures prices. 

At the Multi Commodity Exchange, nickel for February delivery contract moved down by Rs 3.10, or 0.24 per cent, to Rs 1,291.10 per kg, with an open interest of just three lots. 

Similarly, the metal for delivery in March weakened by Rs 2.50, or 0.19 per cent, to Rs 1,296.70 per kg, with a business turnover of five lots. 

Meanwhile at the LME , nickel fell 0.4 per cent to USD 28,200 a tonne. 

Market analysts said besides weak trend at the LME, fall in demand at the domestic market also put pressure on the nickel futures prices here.

ads

Hottest ProductsMore