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Nickel prices dropped 0.42% to Rs 1,028.90 per kg in futures trade today on weakening trend at the London Metal Exchange and subdued demand at domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in January next year dropped by Rs 4.30, or 0.42%, to Rs 1,028.90 per kg in a business turnover of three lots.
The metal for delivery in current month also fell by Rs 3.10, or 0.30%, to Rs 1,023.60 per kg in a turnover of 260 lots.
Market analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in base metals pack at the London Metal Exchange (LME) on concern demand is slowing in China after factory- gate deflation deepened.
Further, subdued demand at domestic spot markets from alloy-makers and other consuming industries, too weighed on prices.
