MCX Nickel dropped to a weekly low of 988 following LME movement and profit booking. As per report nickel closed near 1004 with net loss of 3.09% from previous closing.

LME nickel comes under pressure due to a poor fundamental outlook and technical weakness, rising stocks amid declining demand from the stainless steel sector, along with significant resistance at the thirty day moving average, now around USD 24,363 per tonne.