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Nickel prices dropped 0.33% to Rs 869.70 per kg in futures trade today after participants trimmed holdings tracking a weak trend overseas amid low demand from alloy-makers in the spot market.
At the Multi Commodity Exchange, nickel for delivery in December dropped by Rs 3, or 0.33%, to Rs 869.70 per kg in a business turnover of 407 lots.
Similarly, metal for delivery in January shed Rs 2.90, or 0.33%, to Rs 877.90 per kg in 18 lots.
Market analysts said speculators reduced their positions due to sluggish demand from alloy-makers in the spot market amid a weak global trend amid speculation on the timing of stimulus cuts by the US Federal Reserve, mainly led to the decline in nickel prices at futures trade.
