Nickel futures prices moved down by 0.38 per cent to Rs 1,320 per kg in futures trading today after speculators reduced their positions, tracking weak trend at the London Metal Exchange (LME).
At the Multi Commodity Exchange, nickel for delivery in March contract shed Rs 5.10, or 0.38 per cent, to Rs 1,320 per kg, with a turnover of two lots.
Similarly, the metal for delivery in February weakened by Rs 4.90, or 0.37 per cent, to Rs 1,314.70 per kg, with a business turnover one lot.
Market analysts said weak trend in the base metals pack at the LME as strengthening US dollar reduced appeal for base metals and other commodities, led to the fall in nickel futures prices here.
Meanwhile, at the London Metal Exchange, nickel dropped by 0.7 per cent to $29,101 per tonne.
