Nickel futures down on subdued demand

Nickel prices traded lower by Rs 2.60 to Rs 1102.70 per kg in futures trade today due to subdued demand from alloy makers in the spot market.

At the Multi Commodity Exchange counter, nickel for February-month delivery declined by Rs 2.60, or 0.24 per cent, to Rs 1102.70 per kg with a business turnover of two lots.

The metal for delivery in January shed Rs 2.10, or 0.19 per cent, to Rs 1092.20 per kg, with a business turnover of three lots.

Market analysts said reduced offtake from alloy makers led to decline in nickel futures prices.