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Nickel prices fell by 0.30% to Rs 1,149 per kg in futures trade today as speculators indulged in booking profits even as the metal strengthened overseas.
At the Multi Commodity Exchange, nickel for delivery in August declined by Rs 3.50, or 0.30%, to Rs 1,149 per kg in a business turnover of 859 lots.
The metal for delivery in September shed Rs 2.40, or 0.21%, to Rs 1,156.60 per kg in 25 lots.
Analysts said the fall in nickel prices in futures trade was largely due to profit-booking by speculators at current levels and subdued demand from alloy-makers but the metal's strength at the London Metal Exchange (LME) capped losses.
Globally, nickel rose for the third day, advancing 0.40% to USD 18,817 per tonne at the LME after Indonesia said its ban on ore exports will remain in place under the next government.
