NEW DELHI, July 3: Amid profit-booking by speculators and weak trend overseas, nickel prices plunged Rs 5.10 to Rs 770 per kg in futures trade today.
Besides, a weak trend in metal at the spot market owing to slack demand from consuming industries put pressure on metal prices.
At Multi Commodity Exchange, nickel for delivery in July was trading down by Rs 5.10, or 0.86 per cent, at Rs 770 per kg in a business volume of 501 lots.
According to marketmen, profit-booking by speculators at prevailing levels and reports of a weak trend in metal at the London Metal Exchange (LME) as China’s biggest metal bourse moved to ease delivery constraints pulled down nickel futures prices.
Globally, nickel for delivery in three months on LME dropped 1.4 per cent to USD 12,030 per tonne. Overall, prices are down 3.4 per cent this week. (PTI)
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