Nickel futures down 0.89% on global cues

Nickel futures prices moved down by Rs 10.60 to Rs 1,175.50 per kg in futures trading today due to reduced offtake by speculators, driven by weakness on copper and other base metals at the London Metal Exchange.

At the Multi Commodity Exchange counter, nickel for January-month delivery contract moved down by Rs 10.60, or 0.89 per cent, to Rs 1,175.50 per kg, with an open interest of just one lot.

Similarly, the metal for delivery in February weakened by Rs 9.60, or 0.80 per cent, to Rs 1,183.20 per kg, with a business turnover one lot.

Market analysts said weak trend in the base metals, surrendering initial gains in Asian trading after China stepped up measures to cool its economy and the dollar strengthened, mainly put pressure on the nickel futures prices here.