NEW DELHI, July 4: Nickel prices moved down by 0.62 per cent to Rs 1,180.80 per kg in futures trade today as participants reduced their exposures, tracking a weak trend overseas and sluggish demand from alloy-makers in the spot market.
At the Multi Commodity Exchange, nickel for delivery in August month declined by Rs 7.40, or 0.62 per cent, to Rs 1,180.80 per kg in a turnover of 42 lots.
Similarly, the metal for delivery in July traded lower by Rs 8.60, or 0.56 per cent, to Rs 1,175.20 per kg in 1,517 lots.
Analysts attributed the fall in nickel prices at futures trade to a weak trend in metal at the London Metal Exchange (LME) as some investors viewed the recent price surge as excessive amid rising stockpiles.
Besides, low demand from alloy-makers at domestic spot markets also influenced prices, they said.
Market analysts said besides subdued demand from alloy-makers at domestic markets, a weak trend overseas also weighed on nickel futures prices here.
At the LME, nickel for delivery in three months contract retreated as much as 1.1 per cent to USD 19,649 a metric tonne. It had touched USD 19,990 in yesterday’s trade, the highest since May 20.
Meanwhile, LME-tracked inventories reached a record 305,970 tonnes on June 18. (PTI)
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