NEW DELHI, Aug 11: Taking weak cues from an overseas market and subdued demand at the domestic spot market, nickel prices dropped 0.64 per cent to Rs 711.20 per kg in futures trade today as participants cut down bets.
At Multi Commodity Exchange, nickel for delivery this month was trading lower by Rs 4.60, or 0.64 per cent to Rs 711.20 per kg in a business turnover of 1,572 lots.
The metal for delivery in September also fell by Rs 4.40, or 0.61 per cent, to Rs 718 per kg in a turnover of 43 lots.
Analysts said the fall is mostly in line with a weakening trend in the base metals pack at the London Metal Exchange (LME) after China devalued its exchange rate in a move that helps exports and makes imports more expensive for the world’s biggest producer and consumer of metals.
Globally, nickel lost one per cent at the LME.
Besides subdued demand from alloy-makers at the spot market, weighed on metal prices, they said. (PTI)
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