Nickel down 0.3% on overseas trends, subdued demand

Metal for delivery in current month also fell by 0.29%

Nickel prices dropped 0.30% to Rs 1,148.30 per kg in futures trade today on weakening trend at the London Metal Exchange and subdued demand at domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in September dropped by Rs 3.50, or 0.30%, to Rs 1,148.30 per kg in a business turnover of one lot.

The metal for delivery in current month also fell by Rs 3.30, or 0.29%, to Rs 1,142.20 per kg in a turnover of 80 lots.

Market analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in base metals pack at the London Metal Exchange (LME).
 
Globally, nickel for three-month delivery fell by 0.40% to USD 18,883 per tonne at the LME.

Besides, subdued demand at domestic spot markets from alloy-makers and other consuming industries, too weighed on prices.