Low demand drags down nickel futures by 0.39%

Nickel prices drifted lower by 0.39 per cent to Rs 942.30 per kg in futures trading today as speculators reduced exposure amid easing demand in the spot market.

At the Multi Commodity Exchange, nickel for delivery in September fell by Rs 3.70, or 0.39 per cent to Rs 942.30 per kg in business turnover of 30 lots.

Similarly, the metal for delivery in August shed Rs 3.40, or 0.36 per cent to Rs 937.90 per kg in 1,982 lots.

Analysts attributed the slide in nickel futures to cutting down of positions on the back of fall in demand from alloy-makers in the spot market.