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Nickel prices dropped 0.36% to Rs 874 per kg in futures trade today largely in line with a weakening trend at the London Metal Exchange and sluggish demand from alloy-makers in the domestic spot market.
At the Multi Commodity Exchange, nickel for delivery in December dropped by Rs 3.20, or 0.36%, to Rs 874 per kg in a business turnover of 229 lots.
The metal for delivery in January 2014 contracts also fell by Rs 3, or 0.34%, to Rs 882 per kg in a turnover of 5 lots.
Analysts attributed fall in nickel prices at futures trade to a weakening trend in the base metals pack at the LME as manufacturing data for China missed estimates amid speculation that the US central bank will cut stimulus at its two-day Federal Reserve meeting starting tomorrow.
