Nickel futures drop 0.22 pc on subdued demand

Nickel prices declined by 0.22 per cent to Rs 986.10 per kg in futures trading today as speculators trimmed their positions, tracking a weak trend at the spot market on low demand.

At the Multi Commodity Exchange, nickel for delivery in June month declined by Rs 2.20, or 0.22 per cent to Rs 986.10 per kg in business turnover of 76 lots.

Similarly, the metal for delivery in May contracts shed Rs 1.80, or 0.18 per cent to Rs 983.60 per kg in 2,026 lots.

Market analysts said offloading of positions by participants due to easing demand from alloy-makers in the physical markets mainly led to the decline in nickel prices at futures trade.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)