Nickel futures down on weak spot market cues

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Nickel prices fell by 0.51 per cent to Rs 1,017 per kg in futures trade today as speculators reduced their positions in tandem with a weak trend at the domestic spot markets. 

At the Multi Commodity Exchange , nickel for delivery in June fell by Rs 6.70, or 0.51 per cent to Rs 1,017 per kg, with a business turnover of 6,323 lots. 

Likewise, the metal for delivery in July lost Rs 5.50, or 0.49 per cent to Rs 1,027.50 per kg, with a business volume of 405 lots. 

Analysts said a weakening trend at the spot markets owing to slackened demand from alloy markets mainly led to the decline in nickel futures prices here.

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