Nickel futures fall 0.26 pc on low spot demand

Nickel prices drifted lower by 0.26 per cent to Rs 581.30 per kg in futures trading today as speculators trimmed positions amid a weak trend at the domestic physical markets on muted demand from alloy makers.

At the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 1.50, or 0.26 per cent to Rs 581.30 per kg in business turnover of 437 lots.

Likewise, the metal for delivery in July contracts traded lower by Rs 1.40, or 0.24 per cent to Rs 586.70 per kg in 81 lots.

Analysts said apart from a weak trend at the domestic spot markets due to sluggish demand from alloy makers, profit-booking by speculators weighed on nickel futures.