 "Nickel down by 0.8% on weak overseas cues")
Amid a weak trend in base metals overseas and subdued spot demand at domestic markets, nickel fell by Rs 7.30 to Rs 904.10 per kg in futures trade today as speculators reduced positions.
At the Multi Commodity Exchange, nickel for delivery in March dropped by Rs 7.30, or 0.80%, to Rs 904.10 per kg in a business turnover of 1,357 lots.
The metal for delivery in April also fell by Rs 7, or 0.77%, to Rs 911.90 per kg in a turnover of 27 lots.
Analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in base metals at the LME after factory-gate deflation deepened in China, the largest metals user, and as the dollar extended gains.
A stronger dollar makes commodities priced in the greenback less attractive to investors.
Besides, subdued demand from alloy-makers at domestic spot markets put pressure on metal prices, they said.
At the Multi Commodity Exchange, nickel for delivery in March dropped by Rs 7.30, or 0.80%, to Rs 904.10 per kg in a business turnover of 1,357 lots.
The metal for delivery in April also fell by Rs 7, or 0.77%, to Rs 911.90 per kg in a turnover of 27 lots.
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Globally, nickel for delivery in three months fell by 0.9% to $14,370 per tonne on the London Metal Exchange (LME).
Analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in base metals at the LME after factory-gate deflation deepened in China, the largest metals user, and as the dollar extended gains.
A stronger dollar makes commodities priced in the greenback less attractive to investors.
Besides, subdued demand from alloy-makers at domestic spot markets put pressure on metal prices, they said.
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