Low demand drags down nickel futures 0.60 pc

Nickel prices drifted lower by 0.60 per cent to Rs 740.90 per kg in futures trade today as participants trimmed positions amid muted demand from consuming industries at the spot market.
At the Multi Commodity Exchange, nickel for delivery in August declined Rs 4.50, or 0.60 per cent, to Rs 740.90 per kg in a business turnover of 7,148 lots.
Likewise, the metal for delivery in September was trading lower by Rs 4.10, or 0.55 per cent, to Rs 745.10 per kg in 905 lots.
Analysts said cutting down of position by traders due to tepid demand from alloy-makers in the physical market, mainly weighed on nickel prices at futures trade.