Nickel futures down on overseas trend, subdued demand

NEW DELHI: Nickel prices dropped 0.21 per cent to Rs 885.70 per kg in futures trade on Thursday, largely in line with a weakening trend at the London Metal Exchange and sluggish demand from alloy-makers in the domestic spot market.

At the Multi Commodity Exchange, nickel for delivery in May dropped by Rs 1.90, or 0.21 per cent, to Rs 885.70 per kg in a business turnover of 132 lots.

The metal for delivery in April also fell by Rs 1.60, or 0.18 per cent, to Rs 877.40 per kg in a turnover of 1,475 lots.

In the global market, nickel dropped 0.80 per cent to $ 15,980 a tonne at the London Metal Exchange ( LME).

Market analysts the fall in nickel prices at futures trade was mostly in tune with a weakening trend in the base metal pack at the LME as worse-than-estimated US economic data spurred concern that growth is slowing in the world's second- biggest user and subdued spot demand from alloy-makers.