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Nickel down by 0.3% on overseas cues

Speculators trimmed their positions, taking negative cues from overseas markets

Press Trust of India New Delhi
Last Updated : Nov 18 2013 | 12:07 PM IST
Nickel prices moved down by 0.31% to Rs 875 per kg in futures trade today as speculators trimmed their positions, taking negative cues from overseas markets.
 
Further, subdued demand from alloy-makers in the domestic spot markets also weighed on the prices.
 
At the Multi Commodity Exchange, nickel for delivery in December declined by Rs 2.70, or 0.31%, to Rs 875 per kg in business turnover of 7 lots.
 

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The metal for delivery in November shed Rs 1.50, or 0.29%, to Rs 865.80 per kg in 171 lots.
 
Market analysts said the fall in nickel prices was mostly in tandem with a weakening trend in base metals at the London Metal Exchange as spending growth on China's power plants and electricity grid slowed alongwith a sluggish demand from alloy-makers at domestic markets.

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First Published: Nov 18 2013 | 11:55 AM IST

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