Nickel futures fall as traders trim positions

Nickel prices dropped 0.44 per cent to Rs 616.90 per kg in futures trade today as traders cut down their bets amid low demand at domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in June month was trading Rs 2.70, or 0.44 per cent, down at Rs 616.90 per kg in a business turnover of 43 lots.

The metal for delivery this month also shed Rs 2.40 or 0.39 per cent, to Rs 611.60 per kg in a turnover of 959 lots.

Analysts attributed the fall in nickel prices in futures trade mostly to a weakening trend in base metals at the domestic spot markets due to easing demand.