NEW DELHI, Sept 29: Nickel futures prices today dropped 1.06 per cent to Rs 1,031 per kg in as speculators trimmed positions amid a weak trend overseas.
Besides, subdued demand from alloy-makers in the spot markets also weighed on prices.
At the Multi Commodity Exchange, nickel prices for delivery in October dropped by Rs 11, or 1.06 per cent, to Rs 1,031 per kg in a business turnover of 440 lots.
Metal prices for delivery in September contracts fell by Rs 10, or 0.97 per cent, to trade at Rs 1,024 per kg in a turnover of 700 lots.
Market analysts said besides subdued demand from alloy-makers at domestic spot markets, a weak trend in base metals overseas on concern that demand will slow in China, the biggest metals user, and after Philippine lawmakers clarified last week they won’t seek an ore-export ban for at least seven years mainly weighed on nickel futures here.
Globally, nickel for delivery in three months dropped by 2.5 per cent to USD 16,551 a metric tonne on the London Metal Exchange (LME).
Meanwhile, the metal at the LME retreated 13 per cent this quarter. (PTI)
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