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Nickel prices fell sharply by 3.59% to Rs 1,050 per kg in futures trade today amid a weak trend overseas and subdued domestic demand.
At the Multi Commodity Exchange, nickel for delivery in October plunged by Rs 39.10, or 3.59%, to Rs 1,050 per kg in a turnover of 71 lots.
Similarly, the metal for delivery in September traded lower by Rs 38.10, or 3.53%, to Rs 1,042.50 per kg in 1,236 lots.
Traders said besides subdued domestic demand, particularly from alloy-makers, a weak trend in the base metals pack on the London Metal Exchange (LME) before data tomorrow that may show manufacturing slowed for a second month in China, the biggest consumer, put pressure on nickel futures here.
