Nickel drops on global cues

Nickel prices dropped sharply at the non-ferrous metal market here today on stockists selling amid reduced demand from alloy industries on the back of bearish global cues.
Elsewhere, select copper, brass, zinc and lead prices also eased further owing to subdued offtake from consuming industries.
In overseas markets, London nickel prices dropped to their lowest in nearly a month at early trade, and those in Shanghai slid 5 per cent amid abundant supply that could keep prices under pressure.
Nickel dipped by Rs 35 per kg to Rs 990 from Tuesday's closing level of Rs 1,025.
Tin fell by Rs 5 per kg to Rs 1,235 from Rs 1,240.

Copper scrap heavy and zinc declined by Rs 3 per kg each to Rs 451 and Rs 190 as against Rs 454 and Rs 193, previously.
Copper armiture and copper sheet cutting moved down by Rs 2 per kg each to Rs 436 and Rs 430 from Rs 438 and Rs 432.
Copper cable scrap, copper wire bar, brass utensils scrap and lead softened by a Re per kg each to Rs 457, Rs 477, Rs 317 and Rs 133, respectively.