Nickel prices drifted lower by 1.58 per cent to Rs 748.80 per kg in futures trading today as speculators trimmed positions amid a weak trend at the domestic physical markets on muted demand from alloy makers.
At the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 12, or 1.58 per cent to Rs 748.80 per kg in business turnover of 2,237 lots.
Likewise, the metal for delivery in October contracts traded lower by Rs 12, or 1.57 per cent to Rs 753.20 per kg in 84 lots.
Analysts said apart from a weak trend at the domestic spot markets due to sluggish demand from alloy makers, profit-booking by speculators and weakness in select base metals overseas, weighed on nickel futures.
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