Nickel futures drop on sluggish demand, global cues

NEW DELHI: Nickel prices dropped 1.82 per cent to Rs 976.40 per kg in futures trade on Monday as speculators reduced their holdings on sluggish demand from alloy-maker in the spot market.

Also, weak trend of base metal in overseas markets further dampened the sentiment.

At the Multi Commodity Exchange, nickel for delivery in February dropped by Rs 18.10, or 1.82 per cent to Rs 976.40 per kg in a business turnover of 25,636 lots.

Similarly, metal for delivery in March lost Rs 17.10, or 1.68 per cent to Rs 981.80 per kg in 2,706 lots.

Market analysts said speculators reduced their positions on the back of sluggish demand from alloy-makers in the spot market amid a weak global trend, mainly pulled down nickel prices at futures trade.

Meanwhile, nickel dropped by 1.8 per cent to $ 18,051 tonne on the London Metal Exchange.