Nickel sheds 1.2% on subdued demand

However, strength in select base metals at the London Metal Exchange restrict the fall

Nickel prices dropped Rs 10.20, or 1.19 per cent, to Rs 850.20 per kg in futures trade today, dragged down by a weak trend at the domestic spot market on slack demand.

However, strength in select base metals at the London Metal Exchange (LME) restricted the fall.

At Multi Commodity Exchange, nickel for delivery in July dropped Rs 10.20, or 1.19 per cent, to Rs 850.20 per kg in a business turnover of 15 lots.

The June contract lost Rs 9.70, or 1.14 per cent, to Rs 843.10 per kg in a turnover of 887 lots.

Marketmen said the fall in nickel prices in futures trade was mostly in tandem with a weakening trend at the domestic spot market due to subdued demand from alloy-makers, but strength in copper and other base metals at LME after growth data from the US and China, limited the fall.