Nickel prices fell by 0.99% to Rs 1,034.90 per kg in futures trade today as speculators reduced their positions, triggered by a weakening trend overseas.
Subdued demand for the metal at the domestic spot markets also weighed down on the prices at futures trade here.
At the Multi Commodity Exchange, nickel for delivery in May fell by Rs 10.40, or 0.99% to Rs 1,034.90 per kg, with a business turnover of 1,479 lots.
Likewise, the metal for delivery in June lost Rs 10.30, or 0.98% to Rs 1,042.40 per kg, with a business volume of 687 lots.
Analysts said besides a weakening trend in copper and other base metals overseas, a stronger dollar, which eroded the appeal of commodities mainly kept pressure on nickel prices at futures trade today.
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