Nickel prices dropped by 3.31 per cent to Rs 748.30 per kg in futures trading today as speculators cut down bets amid tepid demand in the spot market.
At the Multi Commodity Exchange, nickel for delivery in November fell by Rs 25.60, or 3.31 per cent, to Rs 748.30 per kg in a business turnover of 28,813 lots.
Similarly, the metal for delivery in December declined by Rs 25.50, or 3.28 per cent, to Rs 752.50 per kg in 6,751 lots.
Analysts said offloading of positions by participants owing to sluggish demand from alloy-makers and other consuming industries in the spot market, mainly led to the decline in nickel prices at futures trade.
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