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Taking weak cues from global market and subdued domestic demand, nickel traded 0.34% lower at Rs 828.70 per kg in futures trade today as speculators reduced their positions.
At Multi Commodity Exchange, nickel for delivery in June fell Rs 2.80, or 0.34%, to Rs 828.70 per kg in a business turnover of 329 lots.
The metal for delivery in July was also down Rs 2, or 0.24%, to Rs 836.50 per kg in a turnover of nine lots.
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Analysts said the fall in nickel prices is mostly in line with a weakening trend in the base metal pack at the London Metal Exchange after the International Monetary Fund cut its growth forecast for the US, adding to concerns that global demand for industrial metals will weaken.Meanwhile, the Organization for Economic Cooperation and Development trimmed its forecast earlier this week for world economic growth this year to 3.1% from 3.7%.
In addition, subdued domestic demand weighed on the metal prices, they said.
