Nickel prices eased further by 2.05 per cent to Rs 582.80 per kg in futures market today as traders engaged in reducing their positions, driven by a weak trend at the spot market on muted demand from consuming industries.
At the Multi Commodity Exchange, nickel for delivery in May declined by Rs 12.20, or 2.05 per cent, to Rs 582.80 per kg, in a business turnover of 22,443 lots.
On similar lines, the metal for delivery in far-month June traded lower by Rs 12, or 2 per cent, to Rs 588.30 per kg in 1,514 lots.
Analysts said offloading of positions by traders on the back of tepid demand from consuming industries at the domestic spot markets, mainly influenced nickel prices at futures trade.
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