Nickel drops on hectic selling, lower demand

Nickel prices dropped in an otherwise lacklustre non-ferrous metal market here today due to hectic selling from stockist amidst lower demand from alloy industries.
Select copper, brass and aluminium moved up on better offtake from industrial users.
The industrial metals edged-up at the LME on positive US economy data as well as expectations of easy monetary policy by key central banks.
Nickel fell by Rs 5 per kg to Rs 1,060 from Tuesday's closing level of Rs 1,065.
Zinc eased by Rs 2 per kg to Rs 148 from Rs 150.
However, copper sheet cutting climbed by Rs 2 per kg to Rs 470 as against Rs 468 yesterday.

Copper cable scrap, copper scrap heavy, copper wire bar, brass utensil scrap and aluminium utensil scrap all inched-up by a rupee per kg to Rs 493, Rs 485, Rs 521, Rs 326 and Rs 115 respectively.