Nickel prices decline sharply
Nickel prices declined sharply on the non-ferrous metal market here on Wednesday due
to lack of industrial demand coupled with lower advices on the London Metal Exchange.
Copper and brass also eased on lack of demand from industrial users. Nickel dropped by Rs 40 a kg to Rs 1,320 from the yesterday's close.Base metals tumbled to November lows on the London Metal Exchange yesterday, with consumer buying needed to provide a floor to prices in the near term, traders and analysts said.
LME nickel slid almost 5 per cent to below $25,500 a tonne and copper sunk to $6,580 a
tonne, down 3 per cent from Monday's close. In New York, the most-active March copper contract fell 5.85 cents to settle at $3.02 a pound on the comex division of the New York Mercantile Exchange. In the local market, copper cable scrap also fell by Rs 2 a kg to Rs 341, copper scrap heavy by Rs 2 a kg to Rs 337, copper wire bar by Rs 2 a kg to Rs 369, copper armiture by a rupee to Rs 332 and Rs 335, respectively.
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