NEW DELHI, Mar 18: Nickel prices moved down by 0.93 per cent to Rs 905.30 per kg in futures trade today as speculators trimmed their positions, taking negative cues from overseas markets.
Further, subdued demand from alloy-makers in the domestic spot markets also weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in March declined by Rs 8.50, or 0.93 per cent, to Rs 905.30 per kg in business turnover of 2,068 lots.
The metal for delivery in April shed Rs 7.90, or 0.86 per cent to Rs 913.30 per kg in 271 lots.
Market analysts the fall in nickel prices was mostly in tandem with a weakening trend at the London Metal Exchange (LME) as an unprecedented levy on bank deposits in Cyprus threatens to plunge Europe back into crisis, curbing demand for metals.
Fall in demand from alloy-makers in the domestic spot markets too put pressure, they said.
Meanwhile, nickel dropped 1.9 per cent to USD 16,900 a tonne on the London Metal Exchange. (PTI)
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