Nickel futures down on overseas trends, subdued demand

NEW DELHI: Nickel prices dropped 0.23 per cent to Rs 921.90 per kg in futures trade today, 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 March dropped by Rs 2.10, or 0.23 per cent, to Rs 921.90 per kg in a business turnover of 734 lots.

The metal for delivery in April also fell by a similar margin to trade at Rs 928.30 per kg in a turnover of 68 lots.

In the global market, nickel dropped 0.5 per cent to $16,945 a tonne at the London Metal Exchange.

Market analysts the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in the base metal pack at the London Metal Exchange and subdued demand at the spot markets form alloy-makers and other consuming industries.