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Nickel shed 0.29 per cent at the futures trade today as participants engaged in reducing their positions, tracking a weak trend overseas.
At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 2.90 or 0.29 per cent to Rs 983.10 per kg with a business turnover of 531 lots. Likewise, July contract edged lower by Rs 1.90 or 0.19 per cent to Rs 990 per kg with an open interest of 53 lots.
Analysts said a weak trend in copper and other base metals overseas on concerns that demand in China — the world’s largest user — may stay subdued weighed on the nickel futures prices here. Slackened demand for the metal at the domestic spot market also put pressure at the futures trade.
At the London Metal Exchange, nickel dropped 0.2 per cent to $21,830 per tonne.
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