Nickel extend losses in futures trade

Amid a weak trend overseas and sluggish spot demand, nickel futures prices fell by 0.55 per cent to Rs 1,124.30 per kg today.

At the Multi Commodity Exchange counter, nickel for February delivery fell by Rs 6.20, or 0.55 per cent to Rs 1,124.30 per kg, with a business turnover of 17 lots.

Similarly, contract for January delivery of the metal traded Rs 5.60, or 0.50 per cent down at Rs 1,116 per kg, with a turnover of 303 lots. 

Marketmen said weak trend in copper and other base metals on the London Metal Exchange (LME), as rally in dollar reduced appeal for commodities as an alternative investment and sluggish domestic demand, weighed heavily on nickel futures prices here.

Meanwhile, the LME Index of prices for six industrial metals retreated 0.9 per cent yesterday.