Nickel down 0.28% on subdued spot demand

Nickel futures prices declined by Rs 2.80 to Rs 991 per kg today as speculators reduced their positions amid subdued demand from alloy-makers in the domestic spot markets.

At the Multi Commodity Exchange, the February contract for nickel dropped by Rs 2.80, or 0.28%, to Rs 991 per kg, with a trading volume of 1,661 lots.

The March contract fell by Rs 1.50, or 0.25%, to Rs 1,002 per kg, in a turnover of 325 lots.

At the London Metal Exchange, nickel gained 0.20% to $20,140 per tonne in early trade today.

Analysts said subdued domestic demand from alloy-makers mainly put pressure on nickel prices at futures trade here.