New Delhi, Mar 9 (PTI) Nickel prices declined by 0.17 per cent to Rs 861.30 per kg in futures trading today as speculators reduced their exposure on the back of a weak trend overseas.
In addition, muted demand from alloy-makers at domestic spot market fuelled the downtrend.
At the Multi Commodity Exchange, nickel for delivery in April month fell by Rs 1.50, or 0.17 per cent to Rs 861.30 per kg in business turnover of 20 lots.
Similarly, the metal for delivery in March contracts shed Rs 1.40, or 0.16 per cent to Rs 857.40 per kg in 2134 lots.
Market analysts said cutting down of positions by traders owing to weak trend overseas on worries over a potential global trade war curbing economic growth and metals demand weighed on nickel prices at futures trade.
Globally, nickel for delivery in three month lost 2.4 per cent at USD 13,270 a tonne on the London Metal Exchange in yesterday’s trade.
This is published unedited from the PTI feed.