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Nickel prices dropped 0.76% to Rs 828 per kg in futures trade today as speculators reduced their holdings on sluggish demand from alloy makers in the spot market and a weak trend overseas.
At the Multi Commodity Exchange, nickel for delivery in June dropped by Rs 6.30, or 0.76%, to Rs 828 per kg in a business turnover of 13,709 lots.
Similarly, nickel for delivery in July contracts shed Rs 6.20, or 0.74%, to Rs 834.10 per kg in a turnover of 290 lots.
In the international market, nickel lost 1.9% to $13,938 per tonne.
Market analysts said besides, weak demand from alloy- makers in the spot market, a weak global trend after Federal Reserve Chairman Ben Bernanke said bond purchases may be reduced, and slowdown in China's manufacturing sector, mainly weighed on nickel futures here.
