Nickel futures down on overseas trends, subdued demand

NEW DELHI: Nickel prices dropped 0.51 per cent to Rs 915.80 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 4.70, or 0.51 per cent, to Rs 915.80 per kg in a business turnover of 2,453 lots.

The metal for delivery in April also fell by Rs 3.80, or 0.41 per cent to Rs 923.10 per kg in a turnover of 818 lots.

In the global market, nickel dropped one per cent to USD 16,975 a tonne at the London Metal Exchange (LME).

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 LME and subdued demand at the spot markets form alloy-makers and other consuming industries.