Amid muted demand at the domestic physical markets, nickel prices fell by 0.45 per cent to Rs 594.80 per kg in futures market today as participants cut down their bets.
At the Multi Commodity Exchange, nickel for delivery in May was down by Rs 2.70, or 0.45 per cent, to Rs 594.80 per kg in a business turnover of 630 lots.
Similarly, the metal for delivery during the ongoing month eased by Rs 2.60, or 0.44 per cent, to Rs 588.70 per kg in 1,118 lots.
Analysts attributed the fall in nickel futures to offloading of positions by participants amid weak demand from alloy-makers at the domestic spot markets.
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