Nickel futures slide 0.93% on muted demand

Nickel prices drifted lower by 0.93 per cent to Rs 801.60 per kg in futures trade today as traders reduced exposure, taking negative cues from spot market on fall in demand.

At the Multi Commodity Exchange, nickel for delivery in February fell by Rs 7.50, or 0.93 per cent to Rs 801.60 per kg in business turnover of 22 lots.

Likewise, the metal for delivery in January was trading lower by Rs 7.40, or 0.92 per cent to Rs 796.30 per kg in 1646 lots.

Analysts said cutting down of positions by participants on the back of easing demand from alloy-makers in the physical market, mainly influenced nickel prices at futures trade.

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