Nickel prices dropped by 1.12 per cent to Rs 939.10 per kg in futures trade today as participants cut bets, driven by muted demand from consuming industries in the spot market.
At the Multi Commodity Exchange, nickel for delivery in September fell by Rs 10.60, or 1.12 per cent, to Rs 939.10 per kg in business turnover of 105 lots.
Similarly, the metal for delivery in august contracts was trading lower by Rs 10.20, or 1.08 per cent, to Rs 934.40 per kg in 1,945 lots.
Analysts said the fall in nickel prices in futures trade was mostly attributed to trimming of positions by participants owing to subdued demand from alloy-makers at the domestic spot market amid weakness in select base metals overseas.
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