Nickel prices on Wednesday declined by Rs 5.30 to Rs 946.80 per kg in futures trade due to reducing of positions by speculators amid sluggish demand in spot market.
On the Multi Commodity Exchange, nickel contracts for February delivery fell by Rs 5.30, or 0.56 per cent, to Rs 946.80 per kg with a business turnover of 5,283 lots.
Similarly, nickel contracts for March delivery dropped by Rs 3.20, or 0.34 per cent, to Rs 949.20 per kg in 88 lots.
Analysts said subdued demand in spot market mainly led to fall in nickel prices here.
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