Nickel futures down on subdued demand

Nickel prices moved down by 0.98% in futures trading today amid a weak trend overseas in tandem with subdued domestic demand.

At the Multi Commodity Exchange, nickel for delivery in March moved down by Rs 11.50, or 0.98%, to Rs 1,162.10 per kg, with a business turnover of 1,855 lots.

In a similar fashion, the metal for delivery in April contract shed Rs 11.50, or 0.97%, to Rs 1,170.50 per kg, with a business volume of 135 lots.

Market analysts said besides a weak trend in copper and other base metals at the London Metal Exchange, subdued demand from alloy-makers also kept pressure on nickel futures prices.