Nickel futures slip on global cues

Nickel futures prices fell by 0.70 per cent, to Rs 1,148 per kg today after speculators locked in gains even as the metal strengthened at the London Metal Exchange (LME).

At the Multi Commodity Exchange counter, nickel prices fell by Rs 8.10, or 0.70 per cent, to Rs 1,148 per kg, with a business volume of two lots.

Similarly, the metal for delivery in January declined by Rs 4.30, or 0.38 per cent, to Rs 1,131.20 per kg, with an open interest of eight lots.

Market analysts said apart from profit booking by speculators, weak trend at the spot market led to a fall in nickel futures prices but a firming trend at the LME, capped the losses.

Meanwhile, nickel gained 0.60 per cent to $24,900 per tonne at the LME.