BS:Nickel down 0.5% on overseas trends, subdued demand
Amid a weak trend in the global markets and subdued domestic demand, nickel traded 0.59% lower at Rs 1,126 per kg in futures trade today as speculators reduced their positions.
At the Multi Commodity Exchange, nickel for delivery in May fell 6.70, or 0.59%, to Rs 1,126 per kg in a business turnover of 574 lots.
The metal for delivery in April was also down by Rs 6.50, or 0.58%, to Rs 1,119.10 per kg in a turnover of 3,752 lots.
Analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in the metal at the London Metal Exchange (LME).
Globally, nickel for delivery in three months at the LME retreated 0.4% to $18,270 a metric tonne.
Besides, subdued domestic demand too weighed on the metal prices, they said.
