Indian nickel down 0.8% on lower global trend

BS reported that tracking a lower global trend, nickel prices fell by 0.86% to INR 890.50 per kiogram in futures trade as speculators trimmed their positions.

At the Multi Commodity Exchange, nickel for delivery in January fell by INR 7.70, or 0.86% to INR 890.50 per kilogram in a business turnover of 3,361 lots. Similarly, the metal for delivery in February lost INR 7.30 or 0.81%, at INR 897.20 per kilogram in 255 lots.

Market analysts said that speculators trimmed their positions in tandem with a lower global trend that put pressure on nickel prices at futures trade. Meanwhile, the metal lost 1.4% to USD 14,494 per tonne on the London Metal Exchange.