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Nickel prices dropped 0.39% to Rs 850.60 per kg in futures trade today after participants trimmed holdings tracking a weak trend overseas amid sluggish demand from alloy-makers in the spot market.
At the Multi Commodity Exchange, nickel for delivery in January next year dropped by Rs 3.30, or 0.39%, to Rs 850.60 per kg in a business turnover of 19 lots.
The metal for delivery in current month shed Rs 2.70, or 0.32%, to Rs 842 per kg in 48 lots.
Market analysts said speculators reduced their positions due to sluggish demand from alloy-makers in the spot market amid a weak global trend as improving US economy fuelled speculation the Federal Reserve may start trimming its stimulus sooner than expected, mainly led to decline in nickel prices at futures trade.
