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Taking weak cues from global market and muted demand at the domestic spot market, nickel prices dropped 0.58% to Rs 739.30 per kg in futures trade today as traders trimmed their bets.
At Multi Commodity Exchange, nickel for delivery in August was trading Rs 4.30, or 0.58%, down at Rs 739.30 per kg in a business turnover of 139 lots.
The metal for delivery this month also shed Rs 3.90, or 0.53%, to Rs 732.20 per kg in a turnover of 1,317 lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to a weakening trend in base metal at the London Metal Exchange (LME) and easing demand from alloy-makers at the domestic spot market.
Globally, the metal used in stainless steel retreated 0.9% to $11,525 per tonne at LME.
