 "Nickel falls by 0.8% on weak overseas cues")
Amid a weak trend in global markets and subdued domestic demand, nickel traded 0.85% lower at Rs 679 per kg in futures trade today as speculators reduced their bets.
At Multi Commodity Exchange, nickel for delivery in September was trading down by Rs 5.80, or 0.85%, at Rs 679 per kg in a business turnover of 937 lots.
The metal for delivery in October was also down by Rs 5.70, or 0.82%, to Rs 686.20 per kg in a turnover of 28 lots.
Furthermore, muted demand from alloy-makers at the domestic spot markets weighed on the metal prices, they said.
Meanwhile, China's economic growth remains stuck below the government's target of about 7% this year.
At Multi Commodity Exchange, nickel for delivery in September was trading down by Rs 5.80, or 0.85%, at Rs 679 per kg in a business turnover of 937 lots.
The metal for delivery in October was also down by Rs 5.70, or 0.82%, to Rs 686.20 per kg in a turnover of 28 lots.
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Analysts said the fall in nickel prices was mostly in line with a weakening trend in the base metal pack at the London Metal Exchange (LME) as weak data deepened concerns on China slowdown.
Furthermore, muted demand from alloy-makers at the domestic spot markets weighed on the metal prices, they said.
Meanwhile, China's economic growth remains stuck below the government's target of about 7% this year.
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