Nickel prices dropped by 0.90 per cent to Rs 956 per kg in futures market today as traders cut their bets, driven by muted demand from consuming industries in the spot market.
At the Multi Commodity Exchange, nickel for delivery in August declined by Rs 8.70, or 0.90 per cent, to Rs 956 per kg in a business turnover of 2,875 lots.
Similarly, the metal for delivery in September contracts shed Rs 8, or 0.83 per cent, to Rs 960.60 per kg in 36 lots.
Analysts said the fall in nickel prices in futures trade was mostly attributed to trimming of positions by participants on the back of subdued demand from alloy-makers at the domestic spot market amid weakness in select base metals overseas.
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