 "Nickel down 1.6% on global cues, profit-booking")
Nickel prices fell by 1.60 per cent to Rs 1,164.40 per kg in futures trade today as speculators indulged in offloading positions after the metal declined in global markets.
Furthermore, low demand from alloy-makers and other consuming industries in the domestic spot markets also weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in May declined by Rs 18.90, or 1.60 per cent, to Rs 1,164.40 per kg in a business turnover of 3,443 lots.
Analysts said the fall in nickel prices at futures trade was largely in tune with a weakening trend in the global markets where it dropped for the first time in three days amid speculation that the rally in prices this year may curb demand for the metal.
In addition, profit-booking by speculators and slackened demand from alloy-makers in the domestic spot markets too put pressure on the prices, they said.
Globally, nickel lost 1.7 per cent on the London Metal Exchange to USD 19,750 per tonne for three-month futures contract.
Furthermore, low demand from alloy-makers and other consuming industries in the domestic spot markets also weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in May declined by Rs 18.90, or 1.60 per cent, to Rs 1,164.40 per kg in a business turnover of 3,443 lots.
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The metal for delivery in June shed Rs 17.60, or 1.48 per cent, to Rs 1,170.70 per kg in 182 lots.
Analysts said the fall in nickel prices at futures trade was largely in tune with a weakening trend in the global markets where it dropped for the first time in three days amid speculation that the rally in prices this year may curb demand for the metal.
In addition, profit-booking by speculators and slackened demand from alloy-makers in the domestic spot markets too put pressure on the prices, they said.
Globally, nickel lost 1.7 per cent on the London Metal Exchange to USD 19,750 per tonne for three-month futures contract.