Nickel prices went down by 1.30 per cent to Rs 929.50 per kg in futures market today as speculators reduced exposure amid a weak trend overseas and fall in demand at spot markets.
At the Multi Commodity Exchange, nickel for delivery in September fell by Rs 12.20, or 1.30 per cent to Rs 929.50 per kg in a business turnover of 298 lots.
Analysts attributed the fall in nickel futures to cutting down of positions by participants owing to slackened demand from alloy-makers in the spot market and weak global cues.
Globally, Shanghai nickel was trading down by 2.7 per cent today.
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