Nickel futures down on global cues

PTI New Delhi | Updated on February 24, 2011 Published on February 24, 2011

Nickel prices fell by 0.55 per cent at the futures trading today, as speculators were seen offloading their positions, triggered by a weak trend at the London Metal Exchange.

Also, monthly expiry in the derivatives segment and subdued demand from consuming industries in the domestic market put pressure on the nickel futures prices.

At the Multi Commodity Exchange, nickel for delivery in April moved down by Rs 7.10 or 0.55 per cent to Rs 1,295.20 per kg, with an open interest of just one lot. Similarly, the metal for delivery in February weakened by Rs 6.20 or 0.48 per cent to Rs 1,285.70 per kg with a business turnover of two lots.

Meanwhile, at the LME, nickel fell 1.1 per cent to $28,380 a tonne.

Market analysts said apart from sluggish domestic demand, a weak trend at the LME on concerns that geopolitical tension in West Asia and Africa may hurt global growth, mainly kept pressure on the nickel futures prices here.

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Published on February 24, 2011
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