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Nickel prices moved down by 0.56 per cent to Rs 1,124.40 per kg in futures trade today as speculators reduced their positions, driven by weak demand from alloy makers in the spot market.
Besides, a lower global trend further dampened the sentiment.
At the Multi Commodity Exchange, nickel for delivery in June declined by Rs 6.30, or 0.56 per cent, to Rs 1,124.40 per kg in a business turnover of 118 lots.
The July contract shed Rs 6.30, or 0.55 per cent, to Rs 1,129.30 per kg in six lots.
Market analysts said speculators reduced their positions on weak demand from alloy-makers in the domestic spot market and a subdued trend in base metals overseas on signs of slowing Chinese demand.
Meanwhile, nickel slid 1.1 per cent to $18,870 a tonne on London Metal Exchange.
