Muted demand drags down nickel futures by 1.70%

Nickel prices eased by 1.70 per cent to Rs 716.90 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 current month drifted lower by Rs 12.40 or 1.70 per cent to Rs 716.90 per kg in business turnover of 1,473 lots.

On similar lines, the metal for delivery in October contracts shed Rs 12.35 or 1.69 per cent to Rs 722.15 per kg in 127 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.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)