Nickel futures marginally down on global cues

Nickel futures prices fell by 0.25 per cent to Rs 1,160 per kg today after speculators reduced their positions, amid weak trend at the London Metal Exchange (LME) on weak US economic data.

At the Multi Commodity Exchange counter, nickel futures prices fell by Rs 2.50, or 0.25 per cent, to Rs 1,160 per kg, with a business turnover of 207 lots.

Similarly, the metal for delivery in January eased by Rs 1.90, or 0.20 per cent, to Rs 1,151.60 per kg, with an open interest of 2,098 lots.

Market analysts said a weak trend in copper and other base metals at the LME after US jobless claims data showing a surprise rise and concerns on China's tightening policies, which would damped demand for metals, kept pressure on the nickel futures prices here.

Meanwhile, the LME Index of prices for six industrial metals including copper and aluminium lost 0.8 per cent yesterday.