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Base metals: Nickel, zinc futures fall on poor demand

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Nickel prices slipped by 0.36 per cent in futures trade Monday as participants trimmed bets amid muted demand at the domestic physical markets and weak global cues.

Nickel for delivery in current month was trading lower by Rs 2.90, or 0.36 per cent, at Rs 809.10 per kg in futures trading at the Multi Commodity Exchange. It clocked a business turnover of 639 lots.

Market analysts said profit-booking coupled with a weak trend in select base metals overseas mainly weighed on nickel futures.

Zinc

Zinc futures traded 0.62 per cent lower at Rs 175.15 per kg as speculators trimmed positions amid subdued demand at the physical markets.

Zinc for delivery in current month fell by Rs 1.10, or 0.62 per cent, to Rs 175.15 per kg at the Multi Commodity Exchange, clocking a business turnover of 4,827 lots.

Traders said the weakness in zinc at futures trade was mostly due to cutting down of bets by speculators, but a better trend in select base metals overseas capped the losses.

Source: Economic Times