Nickel prices dipped by 1.11 per cent to Rs 994.30 per kg in futures market today as speculators cut down their positions, taking negative cues from spot market on muted demand from consuming industries.
At the Multi Commodity Exchange, nickel for delivery in May fell by Rs 11.20, or 1.11 per cent to Rs 994.30 per kg in business turnover of 1,995 lots.
Likewise, the metal for delivery in June was trading lower by Rs 11, or 1.09 per cent to Rs 998.70 per kg in 82 lots.
Market analysts said offloading of positions by participants following fall in demand from alloy-makers in the physical markets influenced nickel prices at futures trade.
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