Nickel futures down 0.83% on global cues

Nickel fell by 0.83 per cent to Rs 1,010.50 per kg in futures trade at the Multi Commodity Exchange today, in tandem with a weakening trend on the London Metal Exchange.

A weak trend in the domestic spot market due to subdued demand from alloy makers also weighed on nickel futures prices, marketmen said.

At the Multi Commodity Exchange, nickel for November delivery fell by Rs 8.50, or 0.83 per cent, to Rs 1,010.50 per kg, with a business turnover of just three lots.

Similarly, contracts for December delivery of the metal declined by Rs 9, or 0.87 per cent, to Rs 1,019.60 per kg, with an open interest for two lots.  

Marketmen said a weak trend in most base metals on the LME over concerns that China may take further steps to tighten its monetary policy to cool down inflation mainly put pressure on nickel futures prices at home. 

The London Metal Exchange Index of prices for six industrial metals, including copper and aluminium, slid by 0.3 per cent yesterday.