Nickel futures extend losses, slide 0.24 pc on sluggish demand

Falling for the second day, nickel prices shed 0.24 per cent to Rs 699.60 per kg in futures market today as participants engaged in reducing their positions amid subdued demand in the spot market.

At the Multi Commodity Exchange, nickel for delivery in February drifted lower by Rs 1.70, or 0.24 per cent to Rs 699.60 per kg in a business turnover of 3 lots.

Likewise, the metal for delivery in January traded lower by Rs 1.10, or 0.16 per cent to Rs 695 per kg in 701 lots.

Analysts said, offloading of positions by traders following easing demand from alloy-makers in the spot market, mainly kept nickel prices lower at futures trade.