| According to traders, metal prices have been falling on profit taking after prices on LME shot up in the last 10-15 days. On Friday, nickel prices fell to Rs 800 per kg from Wednesday's Rs 808. |
| "The prices this week are likely to fall further if the fund selling on London (Metal Exchange) continues," said a Mumbai-based trader. |
| Traders said if nickel falls below $15,000 per tonne on the international exchange, domestic prices will go below the crucial Rs 800 per kg-level. |
| "If the Rs 800 level is breached, nickel price will then easily fall to Rs 790," said Jasu Bhai Mehta, a nickel importer and trader. Copper prices have also declined, tailing LME prices. |
| Copper prices on Friday were at Rs 133 per kg on the Multi Commodity Exchange, down 2.2 per cent from Rs 136 per kg. |
| "If the copper prices on the LME fall below $3,000 per tonne, then prices in the country will fall to at least Rs 125," said an analyst with a domestic commodity exchange. |
| Last Wednesday, all base metal prices fell on global fund selling. "Most of the fund-selling is happening because they (funds) want to book profits," said an analyst with a domestic exchange. |
| Traders said global demand for the red metal was showing little sign of easing and despite an increase in output by mines globally, copper prices were expected to rise again. "Copper stocks (on the LME) have increased but does not indicate a fundamental change," said Abhay Kumar, an importer. |
| Copper stocks in the LME warehouses Thursday were up at 51,325 tonne from Wednesday's 49,850 tonne. Copper prices are likely to stay between $3,100-$3,210 per tonne, he said. |
| Nickel prices are unlikely to fall below the $15,000 per tonne mark because of strong consumer demand and limited supplies, said Ramesh Aggarwal, a Delhi-based trader. |
| On Thursday, nickel stocks in the LME warehouses were down to 8,580 tonne from Thursday's 8,742 tonne. |
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