Nickel futures melt 2.42 pc on muted demand, profit-booking

Tracking a weak trend at the domestic spot markets due to low demand, nickel prices fell by 2.42 per cent to Rs 572.60 per kg in futures market today as participants cut down their bets.
At the Multi Commodity Exchange, nickel for delivery in May was trading down by Rs 14.20, or 2.42 per cent, to Rs 572.60 per kg in a business turnover of 3,733 lots.
In a similar fashion, the metal for delivery in June eased by Rs 13.90, or 2.35 per cent, to Rs 578.30 per kg in 6,623 lots.
Analysts attributed the fall in nickel futures to a weak trend at the physical markets due to fall in demand form alloy-makers.

Besides, winding up of positions in view of May expiry too weighed on the metal prices, they said.