Nickel futures fall 0.37% on profit-booking

Nickel prices fell 0.37% to Rs 1,109 per kg in futures trade today as speculators indulged in booking profits at prevailing levels ignoring the metal's gains overseas.

 

Besides, low demand from alloy-makers and other consuming industries in domestic spot markets, weighed on prices.

 

At the Multi Commodity Exchange, nickel for delivery in September moved down by Rs 4.10, or 0.37%, to Rs 1,109 per kg in a business turnover of 727 lots.

 

The metal for delivery in October shed Rs 3.70, or 0.33%, to Rs 1,116.50 per kg in 36 lots.

 

Analysts said the fall in nickel prices at futures trade was largely due to profit-booking by participants but firmness in base metals pack at the London Metal Exchange (LME) limited the losses.

 

In addition, slackened demand from alloy-makers in the domestic spot markets too put pressure on the prices, they said.

 

Globally, nickel prices climbed as much as 1.5% at the LME.