 "Nickel down 0.3% on sluggish demand, global cues")
Nickel prices dropped 0.33% to Rs 869.70 per kg in futures trade today after participants trimmed holdings tracking a weak trend overseas amid low demand from alloy-makers in the spot market.
At the Multi Commodity Exchange, nickel for delivery in December dropped by Rs 3, or 0.33%, to Rs 869.70 per kg in a business turnover of 407 lots.
Similarly, metal for delivery in January shed Rs 2.90, or 0.33%, to Rs 877.90 per kg in 18 lots.
Market analysts said speculators reduced their positions due to sluggish demand from alloy-makers in the spot market amid a weak global trend amid speculation on the timing of stimulus cuts by the US Federal Reserve, mainly led to the decline in nickel prices at futures trade.
At the Multi Commodity Exchange, nickel for delivery in December dropped by Rs 3, or 0.33%, to Rs 869.70 per kg in a business turnover of 407 lots.
Similarly, metal for delivery in January shed Rs 2.90, or 0.33%, to Rs 877.90 per kg in 18 lots.
Market analysts said speculators reduced their positions due to sluggish demand from alloy-makers in the spot market amid a weak global trend amid speculation on the timing of stimulus cuts by the US Federal Reserve, mainly led to the decline in nickel prices at futures trade.