NEW DELHI, May 21: Amid a weak trend in global market and subdued demand at domestic spot markets, nickel extended weakness with prices falling by another 1.34 per cent to Rs 1,150.70 per kg in futures trade today as speculators engaged in trimming positions.
At the Multi Commodity Exchange, nickel for delivery in May traded Rs 15.60, or 1.34 per cent, to Rs 1,150.10 per kg in a business turnover of 2,030 lots.
On the similar lines, the metal for delivery in June shed Rs 15.50, or 1.32 per cent, to Rs 1,155 per kg in 142 lots.
Analysts said the persistent fall in nickel prices at futures trade was largely in tandem with a weakening trend in the global markets where it dropped for the second day on speculation that this year’s rally in prices may slow demand amid rising inventories.
In addition, a fall in demand from alloy-makers in the domestic spot markets has put pressure, they said.
Globally, nickel tumbled as much as 2.1 per cent on the London Metal Exchange to USD 19,433 per tonne for three-month futures contract. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel