Nickel drops on subdued demand

MUMBAI: Nickel dropped at the non-ferrous metal market here today on stockists selling amidst subdued demand from alloy industries.

Meanwhile, tin, copper and brass scrap moved up due to good offtake from consumer industries.

Nickel declined by Rs 8 per kg to Rs 995 from Tuesday's closing level of Rs 1,003.

Zinc moved down by Rs 2 per kg to Rs 172 from Rs 174. Copper scrap heavy and copper armiture softened by Re 1 per kg each to Rs 505 and Rs 491, respectively.

However, tin gained by Rs 2 per kg to Rs 1,570 from Rs 1,572.

Copper utensils scrap and brass utensil scrap inched-up by Re 1 per kg each to Rs 465 and Rs 355.