Nickel prices dropped 2.12 per cent to Rs 691 per kg in futures trade today as traders cut down their bets.
At Multi Commodity Exchange, nickel for delivery for current month was trading Rs 15, or 2.12 per cent, down at Rs 691 per kg in a business turnover of 1,723 lots.
The metal for delivery in January next year too fell by a similar margin to trade at Rs 696.70 per kg in a turnover of 197 lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to 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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