Nickel prices fall on profit-booking

Nickel futures prices today dropped by Rs 7.70 to Rs 908.80 per kg as speculators locked in gains amid a weak trend overseas.

At the Multi Commodity Exchange, nickel prices for delivery in February dropped by Rs 7.70, or 0.84%, to Rs 908.80 per kg in a business turnover of 9 lots.

Metal prices for delivery in January contracts fell by Rs 7.30, or 0.77%, to trade at Rs 902.50 per kg in a turnover of 383 lots.

Market analysts said besides profit-booking, subdued demand at domestic markets and a weak trend in base metals overseas mainly weighed on nickel futures here.