Nickel prices dipped by 0.41 per cent to Rs 898.70 per kg in futures trade Monday as speculators cut down their positions, taking negative cues from spot market on muted demand from consuming industries.
At the Multi Commodity Exchange, nickel for delivery in April fell by Rs 1.30, or 0.41 per cent, to Rs 898.70 per kg in a business turnover of 8,126 lots.
Similarly, the metal for May delivery traded lower by Rs 1.50, or 0.17 per cent, at Rs 904.30 per kg in 233 lots.
Market analysts said offloading of positions by participants following the fall in demand from alloy makers influenced nickel prices at futures trade here.
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