Nickel futures slide 1.57 pc on low demand

Nickel prices drifted lower by 1.57 per cent to Rs 594.10 per kg in futures market today as traders cut down their bets, taking weak cues from domestic spot market on sluggish demand from consuming industries.

At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 9.50, or 1.57 per cent to Rs 594.10 per kg in a business turnover of 12,826 lots.

Likewise, the metal for delivery in far-moth July moved down by Rs 8.90, or 1.46 per cent to Rs 601 per kg in 894 lots.

Analysts said the fall in nickel prices in futures trade is mostly attributed to a weak trend at domestic spot market on easing demand from alloy-makers.