Nickel futures rates fall on foreign trends, weak demand

NEW DELHI: Nickel prices dropped 0.18 per cent to Rs 908.30 per kg in futures trade today, mostly 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 1.60, or 0.18 per cent, to Rs 908.30 per kg in a business turnover of 387 lots. The metal for delivery in April also shed 60 paise, or 0.07 per cent, to trade at Rs 915.60 per kg in a turnover of five lots.

Market analysts said the fall in nickel prices at futures trade was mostly in tune with a weakening trend in the base metals pack at the London Metal Exchange after reports showed manufacturing slowed in China, the world's biggest user, and subdued demand at the domestic spot markets from alloy-makers and other consuming industries.