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Nickel prices fell by 0.74 per cent to Rs 992.30 a kg in futures trade on Monday as speculators offloaded their positions amid a weak trend overseas.
Subdued demand from alloy-makers in the spot market also put pressure on nickel futures.
At the Multi Commodity Exchange, nickel for delivery in October fell by Rs 7.40, or 0.74 per cent, to Rs 992.30 a kg, with a business turnover of 93 lots. Similarly, the metal for delivery in September lost Rs 7, or 0.70 per cent, to Rs 986 a kg in 960 lots.
Market analysts attributed the fall in nickel futures prices to a weakening trend overseas on demand concerns after a US unemployment report showed that no jobs were added in the world’s largest economy last month, fuelling fears of a slowdown.
In addition, weak demand from alloy-makers in the domestic spot market also weighed on nickel futures prices, they said.
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