Nickel futures fall as muted demand hurts

NEW DELHI: Taking weak cues from global market and muted demand at the domestic spot market, nickel prices dropped 0.58 per cent to Rs 739.30 per kg in futures trade today as traders trimmed their bets.

At Multi Commodity Exchange, nickel for delivery in August was trading Rs 4.30, or 0.58 per cent, down at Rs 739.30 per kg in a business turnover of 139 lots.

The metal for delivery this month also shed Rs 3.90, or 0.53 per cent, to Rs 732.20 per kg in a turnover of 1,317 lots.

Analysts said the fall in nickel prices in futures trade is mostly attributed to a weakening trend in base metal at the London Metal Exchange (LME) and easing demand from alloy-makers at the domestic spot market.

Globally, the metal used in stainless steel retreated 0.9 per cent to USD 11,525 per tonne at LME.