Nickel marginally down in futures trade

Nickel prices went lower by Rs 4.50 at Rs 1,288.60 per kg in futures trading today, as speculators booked profits, even as the metal strengthened at the London Metal Exchange. 

At the Multi Commodity Exchange, nickel for delivery in March contract moved down by Rs 4.50, or 0.12 per cent, to Rs 1,290.10 per kg, with a business volume of a single lot.

Similarly, the metal for delivery in February weakened by Re one, or 0.08 per cent, to Rs 1,284.20 per kg, with a business volume of two lots.

Market analysts said profit booking by speculators mainly put pressure on the nickel futures prices here, but firming trend in metal at the London Metal Exchange, capped the losses.

Meanwhile, nickel rose 0.2 per cent to $28,350 per tonne.