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Nickel prices moved down by Rs 5.40 to Rs 887.30 per kg in futures trade today on sluggish demand from alloy-makers in the spot market amid a weak global trend.
At the Multi Commodity Exchange, nickel for delivery in February fell by Rs 5.40, or 0.60%, to Rs 887.30 per kg in business turnover of 431 lots.
Similarly, the metal for delivery in January moved down by Rs 5.30, or 0.59%, to Rs 880.80 per kg in 1,708 lots.
Market analysts said besides subdued demand from alloy- makers in the spot market, weak trend in base metal in overseas markets as investors awaited outcome of the Federal Reserve's meeting today, also put pressure on nickel futures.
Meanwhile, nickel for delivery in three months declined 0.10% to $14,140 a tonne on the London Metal Exchange.
