Nickel prices drifted lower by 0.16 per cent to Rs 1,027.40 per kg in futures trading today as speculators trimmed their positions amid a weak trend at the physical markets on muted demand from alloy makers.
At the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 1.60, or 0.16 per cent to Rs 1,027.40 per kg in business turnover of 584 lots.
Likewise, the metal for delivery in July contracts traded lower by Rs 1.50, or 0.15 per cent to Rs 1,031.60 per kg in 13 lots.
Analysts said apart from subdued trend at the domestic spot markets, weakness in select base metals in global markets on a likely hike in interest rates by the US Federal Reserve, strengthening the dollar and eroding demand for commodities, weighed on nickel futures.
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