Nickel prices drifted lower by 0.49 per cent to Rs 675.90 per kg in futures trading today as speculators booked profit, prompted by easing demand in the spot market.
At Multi Commodity Exchange, nickel for delivery in September fell by Rs 3.30, or 0.49 per cent, to Rs 675.90 per kg in a business turnover of 1,015 lots.
Likewise, the metal for delivery in October contracts traded lower by Rs 2.90, or 0.42 per cent, to Rs 683.10 per kg in 1,056 lots.
Analysts said that besides profit-booking by participants at the existing levels, fall in demand from the alloy maker in the spot market mainly led to the decline in nickel prices in futures trade.
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