Amid profit-booking by speculators and a weak trend overseas, nickel prices dropped 0.73% to Rs 87.60 per kg in futures trade today. The contract for delivery in three months on the London Metal Exchange fell 0.5% to $14,275 a metric tonne. At the Multi Commodity Exchange, nickel for delivery in January dropped by Rs 6.40, or 0.73%, to Rs 875.60 per kg in a business turnover of 1,527 lots. Similarly, metal for delivery in February lost Rs 6, or 0.67%, to Rs 884 per kg in 106 lots. Market analysts said besides profit-booking by speculators, a weak trend overseas where it retreated from a three-week high as record stockpiles outweighed concern that global supplies will decline after Indonesia, the biggest producer of the mined ore, weighed on nickel futures prices here. Globally, the contract for delivery in three months on the London Metal Exchange fell 0.5% to USD 14,275 a metric tonne.

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