Nickel futures down over 1% on profit taking

Nickel futures prices fell by 1.12 per cent to Rs 1,082.70 per kg today, after speculators booked profits amid a weak global trend. 

Weak trend at the spot markets due to sluggish demand, also weighed down on nickel futures prices.  

At the Multi Commodity Exchange counter, nickel for November delivery fell by Rs 12.30, or 1.12 per cent, to Rs 1,082.70 per kg, with a business turnover of just one lot.

Similarly, the metal for delivery in December, declined by Rs 11.60, or 1.05 per cent, to Rs 1,092.90 per kg, with a trade volume of just one lot.  

Meanwhile, nickel decreased 1.5 per cent to $24,250 a tonne at the London Metal Exchange (LME). 

Marketmen said apart from profit booking by speculators, a weak trend in copper and other base metals at the LME after China's metal imports slumped, put pressure on the nickel futures prices here.