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Nickel prices softened by 1.29% to Rs 659.50 per kg in futures market today as speculators reduced exposure amid low demand from alloy makers in the spot market.
Further, weakness in copper and other industrial metals at the London Metal Exchange (LME) weighed on prices.
At the Multi Commodity Exchange, nickel for delivery in September traded lower by Rs 8.60, or 1.29%, to Rs 659.50 per kg in a turnover of 2,149 lots.
The metal for delivery in October weakened by Rs 8.00, or 1.19%, to Rs 666.10 per kg in 50 lots.
Analysts said apart from subdued demand from alloy makers in the domestic spot market, weakness in metal at the LME after an official gauge showed China's factory activity at a three-year low, underscoring weakening demand in the world's biggest consumer, weighed on nickel futures here.
Globally, at the LME, nickel fell by 2.1% to $9,845 per tonne.
