Falling for the second day, nickel prices eased further by 0.06 per cent to Rs 694.30 per kg in futures market today as traders engaged in reducing their positions, driven by muted demand at the spot market.
At the Multi Commodity Exchange, nickel for delivery in February month declined by 40 paise, or 0.06 per cent to Rs 694.30 per kg in business turnover of 51 lots.
Likewise, the metal for delivery in January contracts was trading lower by 20 paise, or 0.03 per cent to Rs 688.40 per kg in 1,586 lots.
Analysts said the fall in metal at futures trade is mostly attributed to offloading of positions by participants owing to slackened demand from alloy-makers in the spot market.
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