Nickel futures fall on global cues, subdued demand

NEW DELHI: Nickel prices dropped 0.29 per cent to Rs 1,143.10 per kg in futures trade today on weakening trend at the London Metal Exchange and subdued demand at domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in October dropped by Rs 3.30, or 0.29 per cent, to Rs 1,143.10 per kg in a business turnover of 12 lots.

The metal for delivery in current month also fell by Rs 2.40, or 0.21 per cent, to Rs 1,137.90 per kg in a turnover of 407 lots.

Market analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in base metals pack at the London Metal Exchange ( LME) after an official gauge of China's industrial activity dropped for the first time in six months.

Globally, nickel for three-month delivery fell by 0.40 per cent to $18,883 per tonne at the LME.

Besides, subdued demand at domestic spot markets from alloy-makers and other consuming industries, weighed on prices.