Nickel futures fall 0.28% on weak global cues

Nickel prices were lower by 0.28 per cent to Rs 886.50 per kg in futures trade Monday as speculators cut down their bets amid weak global cues.

At the Multi Commodity Exchange, nickel for delivery in current month fell by Rs 2.50, or 0.28 per cent, to Rs 886.50 per kg in a business turnover of 2,815 lots.

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Market analysts said trimming of positions by participants following a weak trend in base metals in global markets after weak US manufacturing data, led to the fall in nickel prices at futures trade here.

Globally, at the London Metal Exchange (LME), three month nickel fell 0.3 per cent to USD 12,860 per tonne.