 "Nickel down by 0.6% on global cues")
Tracking weakness in base metals at the London Metal Exchange, nickel prices fell 0.59% to Rs 607.10 per kg in futures trade today as speculators indulged in offloading positions.
Furthermore, low demand from alloy-makers and other consuming industries in the domestic spot markets also weighed on the prices.
In futures trading at Multi Commodity Exchange, nickel for delivery in April declined Rs 3.60, or 0.59%, to Rs 607.10 per kg in a business turnover of 632 lots.
The metal for delivery in May shed Rs 3.20, or 0.52%, to Rs 613.80 per kg in 84 lots.
Analysts said the fall in nickel prices in futures trade was largely in tune with a weakening trend in the global markets after Chinese exchanges stepped up efforts to cool speculation in some commodities and muted demand at the domestic markets.
Furthermore, low demand from alloy-makers and other consuming industries in the domestic spot markets also weighed on the prices.
Read more from our special coverage on "NICKEL PRICES"
In futures trading at Multi Commodity Exchange, nickel for delivery in April declined Rs 3.60, or 0.59%, to Rs 607.10 per kg in a business turnover of 632 lots.
The metal for delivery in May shed Rs 3.20, or 0.52%, to Rs 613.80 per kg in 84 lots.
Analysts said the fall in nickel prices in futures trade was largely in tune with a weakening trend in the global markets after Chinese exchanges stepped up efforts to cool speculation in some commodities and muted demand at the domestic markets.