NEW DELHI, Oct 8: Amid a weak trend in base metals overseas and subdued domestic demand, nickel fell 0.58 per cent 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 per cent, 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 per cent, 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 per cent, to USD 16,826 a metric tonne at the LME. (PTI)
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