Nickel down 0.4% on muted demand

Nickel prices dropped by 0.40% to Rs 595.50 per kg in futures market today as participants cut down their bets amid a weak demand at the domestic spot markets even as metal strengthened overseas.

At the Multi Commodity Exchange, nickel for delivery in February fell by Rs 2.30, or 0.40%, to Rs 595.50 per kg, in a business turnover of 283 lots.

On similar lines, the metal for delivery in January declined by Rs 2.20, or 0.37%, to Rs 590 per kg in 1,569 lots.

Analysts said the fall in nickel prices at futures trade was mostly trimming of positions by participants following low demand from alloy-makers at the domestic spot markets but firmness in copper and other base metals overseas, capped the losses.