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Amid a weak trend in base metals overseas and subdued domestic demand, nickel fell 0.58% to Rs 1,037.30 per kg in futures trade today as speculators reduced positions.
At the Multi Commodity Exchange, nickel for delivery in current month contracts shed Rs 6.10 paise, or 0.58%, to Rs 1,037.30 per kg in a business turnover of 635 lots.
The metal for delivery in November also fell by Rs 4.70, or 0.45%, to Rs 1,044.60 per kg in a turnover of six lots.
Analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in base metals at the London Metal Exchange (LME) after a gauge of economic strength in China pointed to a slowdown and also IMF cutting its global growth forecast apart from subdued domestic demand.
Globally, nickel for delivery in three months dropped as much as USD 124, or 0.70%, to USD 16,826 a metric tonne at the LME.
