 "Nickel down 0.3% on overseas trends, subdued demand")
Amid a weak trend in the entire base metals pack overseas and subdued domestic demand, nickel traded 0.31% lower at Rs 1,104.70 per kg in futures trade today as speculators reduced exposures.
At the Multi Commodity Exchange, nickel for delivery in May fell Rs 3.40, or 0.31%, to Rs 1,104.70 per kg in a business turnover of 603lots.
The metal for delivery in June also down by Rs 3.10, or 0.28%, to Rs 1,110.30 per kg in a turnover of five lots.
Besides, subdued demand at domestic spot markets from alloy-makers put pressure on metal prices, they said.
At the Multi Commodity Exchange, nickel for delivery in May fell Rs 3.40, or 0.31%, to Rs 1,104.70 per kg in a business turnover of 603lots.
The metal for delivery in June also down by Rs 3.10, or 0.28%, to Rs 1,110.30 per kg in a turnover of five lots.
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Analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in the base metals at the London Metal Exchange after manufacturing in April expanded less than estimated in China, the biggest consumer of the metals.
Besides, subdued demand at domestic spot markets from alloy-makers put pressure on metal prices, they said.