Nickel down 0.53% on overseas trends, subdued demand

Lower offtake from alloy makers fuels downtrend

Nickel prices dropped 0.53 per cent to Rs 1,142.50 per kg in futures trade today in tandem with 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 July shed Rs 6.10, or 0.53 per cent, to Rs 1,142.50 per kg in a business turnover of 979 lots.

August nickel lost Rs 5.90, or 0.51 per cent, to Rs 1,148 per kg in a turnover of 15 lots.

Market analysts said the fall in nickel prices at futures trade was mostly in tune with a weakening trend in the base metals pack at the London Metal Exchange and subdued demand from alloy-makers at the domestic spot markets.