Market and product
Nickel down 0.3% on overseas trends, subdued demand
At the Multi Commodity Exchange, nickel for delivery in September dropped by Rs 3.50, or 0.30%, to Rs 1,148.30 per kg in a business turnover of one lot.
The metal for delivery in current month also fell by Rs 3.30, or 0.29%, to Rs 1,142.20 per kg in a turnover of 80 lots.
Market analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in base metals pack at the London Metal Exchange (LME).
Globally, nickel for three-month delivery fell by 0.40% to USD 18,883 per tonne at the LME.
Besides, subdued demand at domestic spot markets from alloy-makers and other consuming industries, too weighed on prices.
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