Nickel futures remain weak on sluggish demand, global cues

NEW DELHI: Tracking a weak trend in the global markets after manufacturing slowed in China and the US, nickel prices dropped by another 0.21 per cent to Rs 869 per kg in futures trade today.

At the Multi Commodity Exchange, nickel for delivery in February dropped by Rs 1.80, or 0.21 per cent to Rs 869 per kg in a business turnover of 246 lots.

Market analysts attributed persistent fall in nickel prices at futures trade to a weak trend in the base metals pack at the London Metal Exchange ( LME) on signs of weakening demand after manufacturing slowed in China and the US, the world's top metals consumers.

Besides, sluggish demand from alloy-makers in the domestic spot market put pressure on the metal prices.