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Nickel futures today traded lower by 0.57% to Rs 1,041 per kg largely in tune with a weakening trend overseas on soaring inventories amid profit-booking by speculators.
At the Multi Commodity Exchange, nickel for delivery in November weakened by Rs 7, or 0.57%, to Rs 1,041 per kg in business turnover of just one lot.
Similarly, the metal for delivery in September traded lower by Rs 5.40, or 0.52%, to Rs 1,029 per kg in 1,371 lots, while delivery in October fell by Rs 5, or 0.38% to Rs 1,038 in 107 lots.
Market analysts said apart from profit-booking by speculators, metal's weakness at the London Metal Exchange (LME) on soaring inventories mainly weighed on nickel prices at futures trade here.
Globally, nickel for delivery in three months fell 4.2% to settle at USD 17,025 a metric tonne at the LME after touching USD 16,924, the lowest since April 10 in yesterday's trade.
Meanwhile, LME stockpiles for nickel have increased 30% this year to 339,036 tonnes as of September 22, according to exchange data.
