Bearishness to persist for around a month to be followed by a period of consolidation
Base metals continued to be under pressure with copper and zinc taking the biggest hit.
"Steel prices have been going up, whereas raw material prices have not really moved up much."
Copper on the MCX is expected to face stiff resistance at Rs 470-472.50 levels.
At the Multi Commodity Exchange, nickel for delivery in May traded higher by Rs 5.10.
Nickel for delivery in April moved up by Rs 4.30, or 0.49 per cent, to Rs 883.80 per kg.
Copper futures traded 0.06 per cent lower at Rs 430.50 today as speculators reduced their exposure.
At the Multi Commodity Exchange, nickel for delivery in April edged up by Rs 3.40, or 0.39 per cent.