 "Nickel down by 0.7% on overseas cues")
Taking weak cues from global markets and subdemand at domestic spot markets, nickel fell by 0.74% to Rs 1,0001.80 per kg in futures trade today as speculators reduced positions.
At the Multi Commodity Exchange, nickel for delivery this month shed Rs 7.50, or 0.74%, to Rs 1,001.80 per kg in a business turnover of 717 lots.
The metal for delivery in January next also fell by Rs 6.20, or 0.61%, to Rs 1,008 per kg in a turnover of four lots.
Further, low demand at domestic spot markets also weighed on prices, they said.
At the Multi Commodity Exchange, nickel for delivery this month shed Rs 7.50, or 0.74%, to Rs 1,001.80 per kg in a business turnover of 717 lots.
The metal for delivery in January next also fell by Rs 6.20, or 0.61%, to Rs 1,008 per kg in a turnover of four lots.
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Analysts said the fall in nickel prices in futures trade was mostly in tandem with a weakening trend in the entire base metals pack at the London Metal Exchange (LME) as a rout in the energy market drove commodities lower and after data showed manufacturing activity slowed in China, the biggest consumer.
Further, low demand at domestic spot markets also weighed on prices, they said.