 "Nickel down by 0.5% on overseas trends")
Nickel prices dropped by Rs 3.30 to Rs 675.30 per kg in futures trade today in tandem with a weakening trend at the London Metal Exchange and sluggish demand from alloy-makers in the domestic spot market.
In futures trade at the Multi Commodity Exchange, nickel for delivery in current month contracts fell by Rs 3.30, or 0.49%, to Rs 675.30 per kg in a business turnover of 2,486 lots.
The metal for delivery in November also fell Rs 3.10, or 0.45%, to Rs 682.40 per kg in a turnover of 107 lots.
Besides, subdued demand from alloy-makers at the domestic spot markets weighed on metal prices, they said.
In futures trade at the Multi Commodity Exchange, nickel for delivery in current month contracts fell by Rs 3.30, or 0.49%, to Rs 675.30 per kg in a business turnover of 2,486 lots.
The metal for delivery in November also fell Rs 3.10, or 0.45%, to Rs 682.40 per kg in a turnover of 107 lots.
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Analysts attributed fall in nickel prices at futures trade to a weakening trend in the base metals pack at the London Metal Exchange (LME) on concern that demand was weakening in China, the biggest consumer.
Besides, subdued demand from alloy-makers at the domestic spot markets weighed on metal prices, they said.
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