Nickel futures down on weak overseas trend

Nickel futures traded marginally lower by 0.29 per cent as speculators off-loaded their positions in tandem with a weakening trend at the London Metal Exchange (LME).

Subdued demand at the domestic spot markets also had negative impact on the nickel futures prices.

At the Multi Commodity Exchange, nickel for delivery in May traded Rs 3.20 or 0.29 per cent lower at Rs 1,089.50 a kg, with a business turnover of 892 lots.

The metal for delivery in June fell by Rs 3.10 or 0.28 per cent to Rs 1,099.50 a kg, with a business volume of 69 lots.

At the LME, nickel dropped 0.90 per cent to $24,320 a tonne.

Market analysts said a weak trend in copper and other base metals at the LME on concerns that China may continue monetary tightening after inflation spread beyond food, reduced demand for metals in the world’s largest user of the metal, mainly kept pressure on the nickel futures here.