Nickel futures weak on sluggish demand, global cues

NEW DELHI: Nickel prices dropped 0.86 per cent to Rs 900.30 per kg in futures trade today after participants trimmed holdings tracking a weak trend overseas amid sluggish demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in March dropped by Rs 7.60 paise, or 0.86 per cent, to Rs 900.30 per kg in a business turnover of 106 lots.

Similarly, the metal for delivery in February shed Rs 7.60, or 0.84 per cent, to Rs 893.90 per kg in 106 lots.

Market analysts said speculators reduced their positions due to sluggish demand from alloy-makers in the spot market amid a weak global trend as Chinese manufacturing declined more than estimated, dampening demand prospects in the world's biggest user of metals, put pressure on nickel futures prices.