Nickel futures falls on global cues

PTI New Delhi | Updated on June 27, 2011

Tracking a weakening global trend and slackened demand from domestic alloy-makers, nickel prices fell by 0.61 per cent to Rs 988.70 per kg at the futures trade today.

At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 5.70 or 0.61 per cent to Rs 988.70 per kg with a business turnover of 2,564 lots. Likewise, July contract shed Rs 6 or 0.6 per cent to Rs 997.60 per kg with an open interest of 644 lots.

Analysts said besides subdued domestic demand, a weakening trend in the entire base metals at the global markets on concerns over monetary tightening in China and a firming dollar weighed on the sentiment.

Meanwhile, nickel slid 0.3 per cent to $22,075 a tonne at the London Metal Exchange.

Published on June 27, 2011

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