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Nickel prices plunged by 3.19% to Rs 972.80 per kg in futures market today as speculators reduced their positions, taking weak cues from global markets amid sluggish demand from alloy-makers in the domestic spot market.
At the Multi Commodity Exchange, nickel for delivery in current month traded Rs 32.10, or 3.19% lower at Rs 972.80 per kg in business turnover of 1,587 lots.
Likewise, the metal for delivery in November lost Rs 31.20, or 3.08%, at Rs 980.90 per kg in 79 lots.
Analysts attributed the steep fall in nickel prices in futures trade to a weak trend in copper and other base metals in overseas markets, on signs of slowing global economic growth and subdued demand from alloy-makers in the domestic spot markets.
