Nickel prices drifted lower by 0.18 per cent to Rs 998.50 per kg in futures trading today as speculators trimmed their positions amid a weak trend overseas and muted demand from alloy makers at the spot market.
At the Multi Commodity Exchange, nickel for delivery in June month declined by Rs 1.80, or 0.18 per cent, to Rs 998.50 per kg, with a business turnover of 7 lots.
Likewise, the metal for delivery in current month contracts traded lower by Rs 1.70, or 0.17 per cent, to Rs 994 per kg in 311 lots.
Analysts said apart from a weak trend in select base metals overseas, sluggish demand from alloy makers in the domestic spot market mainly weighed on nickel futures.
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