Nickel futures down on global cues

PTI New Delhi | Updated on February 16, 2011

Nickel futures prices moved down by 0.54 per cent to Rs 1,298.50 a kg today, after speculators offloaded their positions, triggered by weak trend at the London Metal Exchange (LME).

At the Multi Commodity Exchange, nickel for February contract moved down by Rs 7 or 0.54 per cent to Rs 1,298.50 a kg, with an open interest of four lots.

Similarly, the metal for delivery in March weakened by Rs 6.20 or 0.47 per cent to Rs 1,303.70 a kg, with a business turnover just two lots.

Market analysts said weak trend in copper and other base metals at the London Metal Exchange on concern that more tightening measures by China, the largest consumer, may hurt demand and sluggish demand at domestic spot markets mainly dragged down prices at futures trade here.

Meanwhile, at the LME, nickel declined 0.9 per cent to $28,500 a tonne.

Published on February 16, 2011

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