Nickel drops on weak demand

Nickel prices dropped further in an otherwise sluggish non-ferrous metal market here today on sustained stockists selling amidst weak demand from alloy industries despite a recovery at London Metal Exchange (LME).
Elsewhere, select copper, brass, aluminium and lead also eased due to lower offtake from industrial users.
The industrial metals rebounded at the LME, from seven-week lows hit the session before, as tight physical supply buffered prices against emerging market turmoil fanned by expectations the Federal Reserve will scale back stimulus this week.
Nickel dipped by Rs 5 per kg to Rs 997 from Monday's closing level of Rs 1,002.

Copper sheet cutting and brass sheet cutting moved down by Rs 2 per kg each to Rs 486 and Rs 364 from Rs 488 and Rs 366.
Copper cable scrap, copper utensils scrap copper wire bar, brass utensils scrap, aluminium ingots and lead all softened by a Re per kg each to Rs 514, Rs 470, Rs 542, Rs 355, Rs 147 and Rs 139, respectively.