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Nickel prices dropped 0.30% to Rs 865.70 per kg in futures trade today as speculators reduced their holdings on sluggish demand from alloy makers in the spot market and a weak trend overseas.
At the Multi Commodity Exchange, nickel for delivery in July dropped by Rs 3, or 0.30%, to Rs 865.70 per kg in a business turnover of 57 lots.
Similarly, nickel for delivery in current month June shed 50 paise, or 0.06% to Rs 863.20 per kg in a turnover of 1,378 lots.
Market analysts said speculators reduced their positions due to sluggish demand from alloy-makers in the spot market amid a weak global trend on demand concerns after China's trade and industrial production in May trailed estimates and on prospects that the Federal Reserve will scale back stimulus, mainly weighed on nickel futures here.
