NEW DELHI, Oct 16: Nickel prices plunged by 3.19 p cent to Rs 972.80 per kg in futures market today as speculators reduced their positions, taking weak cues from global markets amid sluggish demand from alloy-makers in the domestic spot market.
At the Multi Commodity Exchange, nickel for delivery in current month traded Rs 32.10, or 3.19 per cent lower at Rs 972.80 per kg in business turnover of 1,587 lots.
Likewise, the metal for delivery in November lost Rs 31.20, or 3.08 per cent, at Rs 980.90 per kg in 79 lots.
Analysts attributed the steep fall in nickel prices in futures trade to a weak trend in copper and other base metals in overseas markets, on signs of slowing global economic growth and subdued demand from alloy-makers in the domestic spot markets. (PTI)
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