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Nickel prices declined by 0.93% to Rs 949.20 per kg in futures trade today as participants reduced holdings on the back of low demand from alloy makers in the spot market.
At the Multi Commodity Exchange, nickel for delivery in October fell by Rs 8.90, or 0.93%, to Rs 949.20 per kg in a business turnover of 782 lots.
Likewise, the metal for delivery in November declined by Rs 8.40, or 0.86%, to Rs 957.10 per kg in 242 lots.
Market analysts said speculators reduced positions due to subdued demand from alloy makers in the spot market and a weak global trend which mainly led to the fall in nickel prices at futures trade.
