Nickel drops by 1% on sluggish demand

A weak trend in copper and other base metals at the LME also affected prices

Nickel futures prices today dropped by 1% to Rs 947.10 per kg as speculators reduced holdings amid sluggish demand from alloy makers in the spot market and a weak overseas trend.

 

At the Multi Commodity Exchange, nickel prices for delivery in October dropped by Rs 9.60, or 1%, to Rs 947.10 per kg in a business turnover of six lots.

 

Metal prices for delivery in September fell by Rs 9.30, or 0.98% to trade at Rs 939 per kg in a turnover of 530 lots.

 

Market analysts said besides subdued demand from alloy makers in the spot market, a weak trend in copper and other base metals at the London Metal Exchange on mounting concern over the US Fed scaling back stimulus, weighed on nickel futures here.