As the rupee weakened past the psychological level of 72 against the US dollar, Futures contracts of most base metals rose today on the Multi Commodity Exchange of India.
On the London Metal Exchange, futures of most metals, barring nickel, declined due to a firm dollar and escalation of the US-China trade issues, analysts said.
The copper futures on the LME slump to $5,549 per tonne.
As per the Analysts, amid heightened concerns of shortage of the metal, Nickel futures on the LME rose to a five-year high of $18,710 per tonne, after Indonesia said it would ban exports of nickel ore.
Indonesia, the world's largest nickel producer, said it would ban nickel ore exports from Jan 1, two years earlier than indicated, to accelerate the establishment of domestic smelters. Nickel reserves in Philippines, another major producer, are limited.
Nickel prices have risen sharply this year due to expectations that supply may not be able to keep up with demand as many countries prepare to shift to electric vehicles that run on lithium batteries made from nickel components.
"Market observers appear to agree that the deficit will probably exceed 100,000 tn next year. The expected supply tightness is also reflected in the forward curve for nickel, which is in a pronounced state of backwardation until the end of 2021," Commerzbank AG said in a report.
Nickel prices on the Shanghai Futures Exchange also hit their all-time high today.