Nickel drops 1.8% on sluggish demand

Nickel futures for February dropped by Rs 18.10, or 1.82% to Rs 976.40 per kg in 25,636 lots.

At the Multi Commodity Exchange (MCX), the March contract lost Rs 17.10, or 1.68% to Rs 981.80 per kg in 2,706 lots.

Prices dipped as speculators reduced their holdings on sluggish demand from alloy-makers in the spot market.

Weak trend of base metal in overseas markets dampened the sentiment here.

On the London Metal Exchange (LME), nickel dropped by 1.8% to $18,051 tonne.