Nickel prices dropped by 2.79 per cent to Rs 948.70 per kg in futures trading today as speculators trimmed positions amid weak trend overseas and fall in demand at spot markets.
At the Multi Commodity Exchange, nickel for delivery in August dropped by Rs 27.20, or 2.79 per cent, to Rs 948.70 per kg in a business turnover of 113 lots.
On similar lines, the metal for delivery in July was trading lower by Rs 27, or 2.78 per cent, to Rs 944 per kg in 4,265 lots.
Analysts attributed the fall in nickel futures to cutting down of positions by participants on the back of weak global cues amid slackened demand from alloy-makers in the physical market.
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