Nickel down 0.4% on overseas trends, subdued demand

Metal for delivery in February fell by 0.48%

Nickel prices dropped 0.49% to Rs 891.20 per kg in futures trade today due to a weakening trend at the London Metal Exchange and sluggish demand from alloy-makers in the domestic spot market.

At the Multi Commodity Exchange, nickel for delivery in March dropped Rs 4.40, or 0.49%, to Rs 891.20 per kg in a business turnover of 48 lots.

The metal for delivery in February also fell by Rs 4.30, or 0.48%, to Rs 884.20 per kg in a turnover of 352 lots.

Market analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in the base metal pack at the London Metal Exchange on China's slowing consumption and subdued demand from alloy-makers at the domestic spot markets.