Nickel futures succumb to profit taking, weak global cues

Nickel prices dropped by Rs 13 or 1.25 per cent to Rs 1,026.10 per kg in futures market today on emergence of selling in tandem with a weakening global trend.
    
Weak demand for the metal at domestic spot markets also put pressure on the nickel prices in futures market here.
    
At the Multi Commodity Exchange counter, nickel for delivery in May contract fell by 13 or 1.25 per cent to Rs 1,026.10 per kg, with an open interest of 9,234 lots.
    
The metal for delivery in June contract also traded lower by Rs 12.20, or 1.17 per cent to Rs 1,027.50 per kg, with a business volume of 2,976 lots.
    
At the London Metal Exchange, nickel fell by 1.82 per cent to 18,525 per tonne.
    
Market analysts said apart from profit taking by speculators, weak trend in base metals at the London Metal Exchange and Shanghai on concern over euro zone's debt trouble mainly pulled down the nickel prices at futures trade.