Nickel futures extend losses, down 0.59% on global cues

Continuing its losing streak for the third straight day, nickel prices shed another 0.59 per cent to Rs 589.10 per kg in futures trade today as speculators engaged in reducing their positions, triggered by a weakening global trend.

At Multi Commodity Exchange, nickel for delivery in November declined by Rs 3.50, or 0.59 per cent to Rs 589.10 per kg in a business turnover of 1,699 lots.

On similar lines, the metal for delivery in December traded lower by Rs 3.20, or 0.53 per cent, to Rs 595.60 per kg in 159 lots.

Analysts attributed the fall in nickel futures to a weakening global trend where it tumbled to the lowest level in more than a decade as stainless-steel output in China slows amid forecasts for the weakest economic growth in a generation.

Meanwhile, nickel for delivery in three-month dropped 1.7 per cent to USD 8,800.00 a metric tonne, the lowest since July 2003 on the London metal Exchange(LME).