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Nickel recorded a steep fall of nearly Rs 20 at Rs 892.70 in futures market today as speculators offloaded their positions, tracking meltdown in base metals at the London Metal Exchange (LME) as slowing global growth dims the outlook for commodities.
Further, subdued demand from alloy-makers at domestic spot markets also weighed on prices.
At the Multi Commodity Exchange, nickel for delivery in February traded lower by Rs 20, or 2.18%, to Rs 892.70 per kg in business turnover of 47 lots.
Similarly, the metal for delivery in current month 18.50, or 2.04%, to Rs 886.60 per kg in 1,019 lots.
Analysts said apart from weak demand from alloy-makers in the spot market, weakness in base metals pack at the LME as slowing global growth dims the outlook for commodities mainly weighed on Nickel prices in futures trade.
