Nickel prices drifted lower by 2.09 per cent to Rs 716.90 per kg in futures market today as speculators cut down bets, driven by sluggish demand in the spot market.
At the Multi Commodity Exchange, nickel for delivery in December fell by Rs 15.30, or 2.09 per cent to Rs 716.90 per kg in business turnover of 23,346 lots.
Similarly, the metal for delivery in January was trading lower by Rs 14.50, or 1.97 per cent to Rs 722.10 per kg in 823 lots.
Analysts said offloading of positions by participants on the back of tepid demand from alloy-makers in the physical market mainly influenced nickel prices at the futures trade.
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