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Nickel prices dropped 0.83% to Rs 875 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 February dropped by Rs 7.30, or 0.83% to Rs 875 per kg in a business turnover of 196 lots.
Similarly, metal for delivery in March lost Rs 6.30, or 0.71%, to Rs 883.20 per kg in six lots.
Analysts said speculators reduced positions due to sluggish demand from alloy-makers in the spot market amid a weak global trend after manufacturing slowed in China, the world's largest user of base metals, mainly pulled down nickel prices at futures trade.
