Muted demand drags down nickel futures by 0.86%

Nickel prices eased by 0.86 per cent to Rs 657 per kg in futures market today as traders cut down their bets, driven by subdued demand from consuming industries in the spot markets.
At the Multi Commodity Exchange, nickel for delivery in August drifted lower by Rs 5.70 or 0.86 per cent to Rs 657 per kg in business turnover of 1,391 lots.
On similar lines, the metal for delivery in September contracts shed Rs 5.50 or 0.82 per cent to Rs 662.10 per kg in 54 lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to tepid demand from alloy-makers at the domestic spot markets.