Nickel down by 0.3% on sluggish demand

Nickel prices dropped 0.26% to Rs 934.10 per kg in futures trade today after participants reduced holdings tracking a weak trend overseas amid sluggish demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in October fell by Rs 2.50, or 0.26%, to Rs 934.10 per kg in a business turnover of 187 lots.

The metal for delivery in November shed Rs 2.20, or 0.23%, to Rs 942.10 per kg in six lots.

Market analysts said speculators reduced their positions due to sluggish demand from alloy-makers in the spot market amid a weak global trend, mainly led to decline in nickel prices at futures trade.