Nickel futures down over one pc on global cues

Nickel prices fell by 1.15 per cent to Rs 1,066 per kg in the futures trade today amid weak global cues and profit-booking by speculators.

Sluggish demand from alloy-makers at the spot market also put some pressure on the nickel futures here.

Analysts said a weak trend in the entire base metals pack in overseas markets on concern that China may step up measures to tighten economic policy, will curb demand for base metals, led to a decline in nickel futures here.  

At the Multi Commodity Exchange counter, nickel for December-month delivery fell by Rs 12.40, or 1.15 per cent, to Rs 1,066 per kg, with a business turnover of just 2 lots.

Similarly, the metal for delivery in November, declined by Rs 11.50, or 1.08 per cent, to Rs 1,054.10 per kg, with a trade volume of one lot.

Meanwhile, at the London Metal Exchange, nickel declined 2.2 per cent to $23,480 per tonne.