Commodities

Nickel futures down on weak global cues

PTI New Delhi | Updated on February 14, 2011

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

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

At the Multi Commodity Exchange counter, nickel for February 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, March contract 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 $28,200 a tonne.

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

Published on February 14, 2011

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like