NEW DELHI, July 13: Nickel prices today felll sharply by Rs 14.90 to Rs 706 per kg in futures trade on speculative selling due to a weak trend in base metals overseas and subdued domestic demand.
At the Multi Commodity Exchange, nickel for delivery in August plunged by Rs 14.90, or 2.07 per cent, to Rs 706 per kg in a business turnover of 121 lots.
The metal for delivery this month was also down by Rs 14.50, or 2.03 per cent, to Rs 698.60 per kg in a turnover of 1,914 lots.
Analysts said the fall in nickel prices in futures trade was mostly in tune with a weakening trend in most industrial metals at the London Metal Exchange (LME) after Greece was ordered to enact reforms or leave the euro, fuelling concern of global growth.
Besides, easing demand from consuming industries, particularly, alloy-makers too weighed on the prices, they said.
Globally, nickel fell 2.3 per cent to USD 11,000 per tonne at the LME after a decline of 6.2 per cent last week. (PTI)
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