Nickel prices drifted down by 0.31 per cent to Rs 896.20 per kg in futures trade today as speculators cut bets amid sluggish demand in the spot market.
At the Multi Commodity Exchange, nickel for delivery in February month declined by Rs 2.80, or 0.31 per cent, to Rs 896.20 per kg in business turnover of 383 lots.
Likewise, the metal for deliver in March contracts was trading lower by a similar margin to Rs 899.50 per kg in 42 lots.
Analysts said offloading of positions by traders owing to muted demand from alloy-makers in the physical market mainly weighed on nickel prices at futures trade.
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