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Nickel prices fell 0.40% to Rs 1,132.10 per kg in futures trade today as speculators offloaded positions tracking a weak global trend and sluggish domestic demand.
At the Multi Commodity Exchange, nickel for delivery in June declined by Rs 4.60, or 0.40%, to Rs 1,136.10 per kg in a business turnover of 362 lots.
Similarly, the metal for delivery in July traded lower by Rs 3.90, or 0.34%, to Rs 1,137.70 per kg in 10 lots.
Analysts said trimming of positions by speculators after nickel weakened overseas as production at Vale SA's plant in New Caledonia, holder of the world's second-biggest reserves, is set to resume within 10 days, mainly put pressure on metal prices at futures trade.
Meanwhile, nickel for delivery in three months dropped 0.40% to USD 18,945 a tonne on the London Metal Exchange, down for the third straight day.
