Nickel futures ease on tepid demand

Nickel prices drifted lower by Rs 7.10 to Rs 1,229.60 per kg in futures trade on Wednesday as speculators trimmed their positions owing to weak demand at the spot market.

At the Multi Commodity Exchange, nickel for delivery in October declined by Rs 7.10, or 0.57 per cent, to Rs 1,229.60 per kg in a business turnover of 6,158 lots.

Similarly, the metal for delivery in November dropped by Rs 4.70, or 0.38 per cent, to Rs 1,223.50 per kg in 276 lots.

Muted demand from alloy makers in spot market mainly weighed on nickel future prices, analysts said.