Nickel futures fall on muted demand

Nickel prices dropped by Rs 3.10 to Rs 778.30 per kg in futures trade today as traders cut down their bets, taking weak cues from the domestic spot markets due to muted demand.

At Multi Commodity Exchange, nickel for delivery in October was trading Rs 3.10, or 0.40 per cent, down at Rs 778.30 per kg in a business turnover of 1,695 lots.

The metal for delivery in November also shed Rs 3.10 or 0.39 per cent, to Rs 782.70 per kg in a turnover of 68 lots.

Analysts said the fall in nickel prices in futures trade is mostly attributed to a weak trend at the domestic spot markets due to low demand as participants cut down positions.

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