Nickel prices drifted lower by 0.70 per cent to Rs 894.30 per kg in futures trade today as speculators trimmed positions, tracking a weak trend overseas amid tepid demand from alloy-makers. At the Multi Commodity Exchange, nickel for delivery in far-month April fell by Rs 6.30, or 0.70 per cent, to Rs 894.30 per kg in a business turnover of 39 lots. Similarly, the metal for delivery in March contracts was trading lower by Rs 6.20, or 0.69 per cent, at Rs 890.50 per kg in 1,992 lots. Market analysts said cutting down of positions by participants on subdued demand from alloy-makers in the physical market, weighed on nickel futures.
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