Nickel trading range for the day is 1008.2-1044.8.
Nickel prices dropped on profit booking after prices gained due to production restrictions, falling inventories and higher Chinese steel prices.
China's Shandong Xinhai told to cut nickel pig iron output for summit.
Nickel stocks in Shanghai Futures Exchange (ShFE) warehouses have fallen to 27,430 tonnes as of Friday from 45,566 tonnes on Jan. 19.
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