 "Nickel sheds 0.28% on overseas cues")
Tracking a weak global trend, nickel prices declined by 0.28 per cent to Rs 680.20 per kg in futures trade today as participants trimmed positions.
Besides, sluggish demand from alloy-makers in the domestic spot market fuelled the downtrend.
In futures trade at the Multi Commodity Exchange, nickel for delivery in October month fell Rs 1.90, or 0.28 per cent to Rs 680.20 per kg in business turnover of 1,150 lots.
Analysts attributed fall in nickel prices at futures trade to a weak trend in the base metals in global markets as demand is expected to continue to weaken in China despite the central bank's decision to cut interest rates for a sixth time in a year.
Globally, nickel for delivery in three months lost 0.4 per cent to USD 10,470 a metric tonne on the London Metal Exchange.
Besides, sluggish demand from alloy-makers in the domestic spot market fuelled the downtrend.
In futures trade at the Multi Commodity Exchange, nickel for delivery in October month fell Rs 1.90, or 0.28 per cent to Rs 680.20 per kg in business turnover of 1,150 lots.
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November nickel traded lower by Rs 1.30, or 0.19 per cent to Rs 687.20 per kg in 181 lots.
Analysts attributed fall in nickel prices at futures trade to a weak trend in the base metals in global markets as demand is expected to continue to weaken in China despite the central bank's decision to cut interest rates for a sixth time in a year.
Globally, nickel for delivery in three months lost 0.4 per cent to USD 10,470 a metric tonne on the London Metal Exchange.