Nickel futures dip on sluggish demand

Nickel futures declined by 40 paise at Rs 1,220.80 per kg on Friday due to reducing of positions by speculators amid sluggish demand at the spot market.

On the Multi Commodity Exchange, nickel contracts for October delivery fell by 40 paise, or 0.03 per cent, to Rs 1,220.80 per kg with a business turnover of 1,755 lots.

Similarly, nickel contracts for November delivery fell by Re 1, or 0.08 per cent, to Rs 1,204.70 per kg in 4,599 lots.

Analysts said subdued demand at the spot market mainly led to the fall in nickel futures prices here.