New Delhi: Tracking a weak trend overseas, nickel prices fell 0.22 per cent to Rs 595.70 per kg in
futures market today as speculators trimmed their positions. At Multi Commodity Exchange, nickel for delivery in November declined by Rs 1.30, or 0.22 per cent, to Rs 595.70 per kg in a business turnover of 1,185 lots.
Likewise, the metal for delivery in December contracts eased Rs 1.10, or 0.18 per cent, to Rs 602.30 per kg in 152 lots. Analysts said the fall in nickel prices in futures trade is mostly attributed to a weak global trend where it dropped to the lowest level in more than a decade amid slowing stainless-steel production in China as Asia’s largest economy faces the weakest growth in a generation.
Meanwhile, nickel declined 1.4 per cent to USD 8,980 a metric tonne, the lowest since August 2003 on the London Metal Exchange. Furthermore, subdued demand from alloy-makers at the
domestic spot market fuelled the downtrend, they said.
