Nickel futures fall on low demand

Nickel prices drifted lower by Rs 7.10 to Rs 1,249.50 per kg in futures trade on Thursday as speculators trimmed their positions owing to weak demand at the physical markets. At the Multi Commodity Exchange, nickel for delivery in September declined by Rs 7.10, or 0.57 per cent, to Rs 1,249.50 per kg in a business turnover of 1,241 lots.

Similarly, the metal for delivery in October slumped by Rs 8, or 0.65 per cent, to Rs 1,229.30 per kg in 5,014 lots. Muted demand from alloy makers in spot markets mainly weighed on nickel future prices, analysts said.