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At the Multi Commodity Exchange (MCX), the March contract lost Rs 17.10, or 1.68% to Rs 981.80 per kg in 2,706 lots.
Prices dipped as speculators reduced their holdings on sluggish demand from alloy-makers in the spot market.
Weak trend of base metal in overseas markets dampened the sentiment here.
On the London Metal Exchange (LME), nickel dropped by 1.8% to $18,051 tonne.
