It is the fourth straight day of decline in metal prices. However, there is some opportunity buying seen in metals like aluminium, lead, and zinc.

Two metals which have continued to decline is copper and nickel. Copper is trading at a new 2-month low and reports suggest that near term demand and supply imbalance is putting pressure on nickel prices.

Nickel prices have come off nearly 8 percent from its 2021 highs. From a high of nearly $19,300/tonne, it is trading below $17,500/tonne. However, the long term outlook is still strong on the back of electrical vehicle demand.

According to a Nornickel report, 2021 will see a surplus of 52,000 tonne which is less than the earlier estimate of 90,000 tonne.

CNBC-TV18’s Manisha Gupta gets more details on nickel prices.

(Edited by : Abhishek Jha)