Muted demand drags down nickel futures by 0.37%

Nickel prices eased by 0.37 per cent to Rs 651.70 per kg in futures market today as traders engaged in reducing their exposure owing to slackened demand from alloy-makers in the domestic spot market.
At the Multi Commodity Exchange, nickel for delivery in March shed Rs 2.40, or 0.37 per cent, to Rs 651.70 per kg, in a business turnover of 1,170 lots.
Similarly, the metal for delivery in April traded lower by Rs 2.20, or 0.33 per cent, to Rs 659 per kg in 63 lots.
Market analysts said offloading of positions by participants on the back of weak demand from alloy-makers in the spot market, mainly kept nickel prices lower at futures trade.