NEW DELHI, Oct 31: Amid a weak trend in the global markets and subdued domestic demand, nickel prices dropped 0.45 per cent to Rs 898.50 per kg in futures trade today as speculators reduced positions.
At the Multi Commodity Exchange, nickel for delivery in November dropped by Rs 4.10, or 0.45 per cent, to Rs 898.50 per kg in a business turnover of 76 lots.
The metal for delivery in October also fell by Rs 3.50, or 0.39 per cent, to Rs 892 per kg in a turnover of 196 lots.
Analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in the base metals at the London Metal Exchange on speculation that the US Federal Reserve will begin scaling back monetary stimulus as the economy improves.
Further, subdued demand from alloy-makers at domestic spot markets also influenced prices, they said. (PTI)
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