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Nickel prices dropped 0.86% to Rs 900.30 per kg in futures trade today after participants trimmed holdings tracking a weak trend overseas amid sluggish demand from alloy-makers in the spot market.
At the Multi Commodity Exchange, nickel for delivery in March dropped by Rs 7.60 paise, or 0.86%, to Rs 900.30 per kg in a business turnover of 106 lots.
Similarly, the metal for delivery in February shed Rs 7.60, or 0.84%, to Rs 893.90 per kg in 106 lots.
Market analysts said speculators reduced their positions due to sluggish demand from alloy-makers in the spot market amid a weak global trend as Chinese manufacturing declined more than estimated, dampening demand prospects in the world's biggest user of metals, put pressure on nickel futures prices.
