 "Nickel drops by 1.1% on global cues")
Nickel futures prices today dropped 1.06% to Rs 1,031 per kg in as speculators trimmed positions amid a weak trend overseas.
Besides, subdued demand from alloy-makers in the spot markets also weighed on prices.
At the Multi Commodity Exchange, nickel prices for delivery in October dropped by Rs 11, or 1.06%, to Rs 1,031 per kg in a business turnover of 440 lots.
Market analysts said besides subdued demand from alloy-makers at domestic spot markets, a weak trend in base metals overseas on concern that demand will slow in China, the biggest metals user, and after Philippine lawmakers clarified last week they won't seek an ore-export ban for at least seven years mainly weighed on nickel futures here.
Globally, nickel for delivery in three months dropped by 2.5% to $16,551 a metric tonne on the London Metal Exchange (LME).
Meanwhile, the metal at the LME retreated 13% this quarter.
Besides, subdued demand from alloy-makers in the spot markets also weighed on prices.
At the Multi Commodity Exchange, nickel prices for delivery in October dropped by Rs 11, or 1.06%, to Rs 1,031 per kg in a business turnover of 440 lots.
Also Read
Metal prices for delivery in September contracts fell by Rs 10, or 0.97%, to trade at Rs 1,024 per kg in a turnover of 700 lots.
Market analysts said besides subdued demand from alloy-makers at domestic spot markets, a weak trend in base metals overseas on concern that demand will slow in China, the biggest metals user, and after Philippine lawmakers clarified last week they won't seek an ore-export ban for at least seven years mainly weighed on nickel futures here.
Globally, nickel for delivery in three months dropped by 2.5% to $16,551 a metric tonne on the London Metal Exchange (LME).
Meanwhile, the metal at the LME retreated 13% this quarter.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%