Nickel futures weaken on profit-booking, muted demand

Nickel prices fell by 0.33 per cent to Rs 731.30 per kg in futures trade today as speculators cut down bets amid sluggish demand at the physical markets.

Besides, profit-booking at existing level put pressure on the metal prices.

At the Multi Commodity Exchange, nickel for delivery in November was trading down by Rs 2.40, or 0.33 per cent, at Rs 731.30 per kg, in a business turnover of two lots.

The metal for delivery in October was also trading down by Rs 1.90, or 0.26 per cent to trade at Rs 726 per kg, in a turnover of 751 lots.

Analysts said the fall in nickel prices was mostly in line with a weak trend at the domestic spot markets due to subdued demand from alloy-makers and profit-booking by participants at prevailing levels.