)
Taking weak cues from an overseas market and subdued demand at the domestic spot market, nickel prices dropped by 0.43 per cent to Rs 724.90 per kg in futures trade today as participants off-loaded positions.
At Multi Commodity Exchange, nickel for delivery in July dropped Rs 3.10, or 0.43 per cent, to Rs 724.90 per kg in a business turnover of 2,546 lots.
The metal for delivery in August also fell by Rs 2.60, or 0.35 per cent, to Rs 732.50 per kg in a turnover of 159 lots.
Analysts said the fall is mostly in line with a weakening trend in the base metals pack at the London Metal Exchange (LME) in tandem with a broader sell-off in raw materials after stronger dollar reduced demand for commodities as an alternative asset.
Furthermore, subdued demand from alloy makers at the spot market, weighed on metal prices, they said.
