Nickel prices dropped 0.81 per cent to Rs 700.70 per kg in futures trade today as traders cut down their bets.
At the Multi Commodity Exchange, nickel for delivery for current month was trading Rs 5.70, or 0.81 per cent, down at Rs 700.70 per kg in a business turnover of 494 lots.
The metal for delivery in January next year too fell by Rs 5.30, or 0.75 per cent, to trade at Rs 706.10 per kg in a turnover of 7 lots.
Analysts attributed the fall in nickel prices in futures trade mostly to unwinding of positions by participants in line with a weakening trend in base metals at the domestic spot markets due to slackened demand from consuming industries, particularly alloy-makers.
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