Nickel futures soften on global cues

Nickel futures prices fell by Rs 6.20 to Rs 1,160.40 per kg today, in tandem with a weak trend in the base metals pack at the London Metal Exchange (LME).

At the Multi Commodity Exchange counter, nickel futures for delivery in January fell by Rs 6.20, or 0.53 per cent, to Rs 1,160.40 per kg, with a trading volume of 3,157 lots. 

Similarly, the metal for delivery in February declined by Rs 5.50, or 0.47 per cent, to Rs 1,169.20 per kg, with a trade volume of 273 lots.

Analysts said a weak trend in the base metals pack at the LME due to fears of the fall in demand on speculations of slower growth in China, the largest consumer, mainly weighed on the nickel futures prices here.

Meanwhile, nickel lost 0.3 per cent to $25,715 per tonne at the London Metal Exchange.