Nickel prices fall on global cues, low demand

NEW DELHI: Nickel prices dropped 0.41 per cent to Rs 936.40 per kg in futures trade today, largely 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 April dropped by Rs 3.90, or 0.41 per cent, to Rs 936.40 per kg in a business turnover of 49 lots. The metal for delivery in March also fell by Rs 3.70, or 0.40 per cent, to Rs 930.30 per kg in a turnover of 950 lots. In the global market, nickel retreated from a nine-month high by falling 1.2 per cent to USD 15,091 per tonne at the London Metal Exchange (LME).

Market analysts the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in the base metal at the LME as the recent price rally was seen excessive and rise in inventories. Besides, subdued demand at the domestic spot markets from alloy-makers weighed on prices.