Nickel prices softened 1.19 per cent to Rs 582.70 per kg in futures market today as speculators trimmed positions amid a weak trend overseas and low demand from alloy makers at the spot market.
At the Multi Commodity Exchange, nickel for delivery this month traded lower by Rs 7, or 1.19 per cent, to Rs 582.70 per kg, in a turnover of 177 lots.
The metal for delivery in June weakened by Rs 6.30, or 1.06 per cent, to Rs 588.60 per kg in six lots.
Analysts said apart of subdued demand from alloy makers in the domestic spot market and weakness in select base metals in global market, mainly weighed on nickel futures.
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