Nickel weakens 0.6% on overseas trends
Speculation that Chinese leaders' tolerance for slower growth rate will curb demand growth at the largest user affected the trade
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Amid a weak trend overseas and subdued domestic demand, nickel prices fell 0.60% to Rs 817.60 per kg in futures trade today as speculators trimmed positions.
At the Multi Commodity Exchange (MCX), the May contract eased by Rs 4.90, or 0.60%, to Rs 817.60 per kg in 1,248 lots.
The June contract also down by Rs 4.60, or 0.55%, to Rs 825 per kg in 249 lots.
Analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in the base metals at the Shanghai Futures Exchange (SFEX) on speculation that Chinese leaders' tolerance for a slower growth rate will curb demand growth at the largest user.
Besides, absence of cues from the London Metal Exchange (LME), which is closed for a public holiday, also weighed on the prices, they said.
At the Multi Commodity Exchange (MCX), the May contract eased by Rs 4.90, or 0.60%, to Rs 817.60 per kg in 1,248 lots.
The June contract also down by Rs 4.60, or 0.55%, to Rs 825 per kg in 249 lots.
Analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in the base metals at the Shanghai Futures Exchange (SFEX) on speculation that Chinese leaders' tolerance for a slower growth rate will curb demand growth at the largest user.
Besides, absence of cues from the London Metal Exchange (LME), which is closed for a public holiday, also weighed on the prices, they said.
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First Published: May 27 2013 | 2:16 PM IST