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Nickel futures prices declined by Rs 0.87 per cent to Rs 1,037.80 per kg today as speculators reduced their positions, driven by a weakening global trend.
At the Multi Commodity Exchange, nickel for delivery in August declined by Rs 8.80, or 0.87 per cent to Rs 1,037.80 per kg, with a business turnover of six lots.
Likewise, the metal for delivery in June lost Rs 8.50 or 0.81 per cent, to Rs 1,038.10 per kg, with a trade volume of 5,601 lots.
Analysts said a weakening trend in the entire base metals pack at the London Metal Exchange (LME) on demand concerns and subdued demand at the domestic spot markets led to the fall in nickel futures prices.
Meanwhile, nickel fell by 1.3 per cent to $22,950 a tonne on the London Metal Exchange.
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