Nickel futures down on weak overseas trend, subdued demand

NEW DELHI: Nickel prices dropped 1.16 per cent to Rs 823.90 per kg in futures trade today, largely in tune 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 April dropped by Rs 9.70, or 1.16 per cent, to Rs 823.90 per kg in a business turnover of 3,710 lots.

The metal for delivery in May also fell by Rs 9.70, or 1.15 per cent, to Rs 831 per kg in a turnover of 533 lots. In the global market, nickel dropped 1.60 per cent at the London Metal Exchange (LME).

Market analysts said the fall in nickel prices at futures trade was mostly in line with a weakening trend in the base metal pack at the LME on demand concern after the International Monetary Fund lowered its outlook for the global economy.

Slackened demand from alloy-makers also put pressure on the prices, they said.