Nickel futures weaken on profit-booking, low spot demand

Nickel prices were trading down by 0.78 per cent at Rs 711.70 per kg as participants reduced exposure to book profits amid a weak trend in select base metals overseas on weaker-than-expected economic data from China.
At the Multi Commodity Exchange, nickel for delivery in current month fell Rs 5.60, or 0.78 per cent, to Rs 711.70 per kg, in a business turnover of 1,358 lots.
Also, metal for delivery in October fell by Rs 4.60, or 0.64 per cent, to Rs 716.80 per kg in 13 lots.
Market analysts said profit-booking by speculators coupled with muted demand from alloy-makers at the spot markets, led to a fall in nickel futures.