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Taking weak cues from an overseas market and subdued demand at the domestic spot market, nickel prices dropped 0.64% to Rs 711.20 per kg in futures trade today as participants cut down bets.
At Multi Commodity Exchange, nickel for delivery this month was trading lower by Rs 4.60, or 0.64% to Rs 711.20 per kg in a business turnover of 1,572 lots.
The metal for delivery in September also fell by Rs 4.40, or 0.61%, to Rs 718 per kg in a turnover of 43 lots.
Analysts said the fall is mostly in line with a weakening trend in the base metals pack at the London Metal Exchange (LME) after China devalued its exchange rate in a move that helps exports and makes imports more expensive for the world's biggest producer and consumer of metals.
Globally, nickel lost one% at the LME.
Besides subdued demand from alloy-makers at the spot market, weighed on metal prices, they said.
