Nickel prices drifted lower by 2.61 per cent to Rs 642.60 per kg in futures trading today as traders reduced positions, tracking a weak trend overseas and sluggish demand from consuming industries at the domestic spot markets. At the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 17.20, or 2.61 per cent, to Rs 642.60 per kg, in a business turnover of 2,931 lots. On similar lines, the metal for delivery in February traded lower by Rs 16.60, or 2.49 per cent, to Rs 649.70 per kg in 954 lots. Market analysts said the fall in nickel prices in futures trade was mostly in tandem with weak trend in most of the industrial metals at the London Metal Exchange (LME) and muted demand from alloy-makers at the domestic spot markets.
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