 "Nickel down 0.3% on overseas trends, subdued demand")
Nickel prices dropped 0.39% to Rs 995.70 per kg in futures trade today, largely in line with a weakening trend at the London Metal Exchange and profit-booking by speculators after recent gains.
At the Multi Commodity Exchange, nickel for delivery in April dropped by Rs 3.90, or 0.39%, to Rs 995.70 per kg in a business turnover of 72 lots.
The metal for delivery in March also fell by Rs 3.40, or 0.34% to Rs 990.70 per kg in a turnover of 708 lots.
Besides, profit-booking by speculators and subdued demand at the spot markets from alloy-makers and other consuming industries, too weighed on prices.
At the Multi Commodity Exchange, nickel for delivery in April dropped by Rs 3.90, or 0.39%, to Rs 995.70 per kg in a business turnover of 72 lots.
The metal for delivery in March also fell by Rs 3.40, or 0.34% to Rs 990.70 per kg in a turnover of 708 lots.
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Market analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in the global markets on speculation that demand will slow after the US Federal Reserve hinted that the central bank could hike interest rates earlier than expected.
Besides, profit-booking by speculators and subdued demand at the spot markets from alloy-makers and other consuming industries, too weighed on prices.