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Nickel prices moved down by 0.84% to Rs 870.60 per kg in futures trade today due to sluggish demand from alloy-makers in the spot market amid a weak global trend.
At the Multi Commodity Exchange, nickel for delivery in September declined by Rs 7.40, or 0.84% to Rs 870.60 per kg in a turnover of 232 lots.
Similarly, the metal for delivery in October traded lower by Rs 6.40, or 0.72% to Rs 881.40 per kg in 126 lots.
Analysts attributed the fall in nickel prices at futures trade to subdued domestic demand, particularly from alloy-makers, and a weak trend in copper and other base metals at the London Metal Exchange as a budget impasse in the United States threatens to shut down parts of the economy.
