NEW DELHI, Aug 24: Taking weak cues from overseas market and subdued demand at the domestic spot market, nickel prices tumbled 3.40 per cent to Rs 651.40 per kg in futures trade today as participants cut down their bets.
At Multi Commodity Exchange, nickel for delivery in current month (August) month was trading sharply lower by Rs 22.90, or 3.40 per cent to Rs 651.40 per kg in a business turnover of 3,279 lots.
The metal for delivery in September also lost Rs 22.60, or 3.32 per cent, to Rs 659 per kg in a turnover of 614 lots.
Analysts said the fall is mostly in line with a weakening trend in the base metals pack at the London Metal Exchange (LME) on concern that China’s economic slowdown will exacerbate gluts of everything from oil to metals.
Globally, at the LME nickel fell as much as 3.9 per cent and slumped 4.4 per cent in Shanghai to its downward daily limit.
Besides subdued demand from alloy-makers at the spot market, weighed on metal prices, they said. (PTI)
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