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Nickel prices fell by Rs 4.10 to Rs 878.90 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 May declined by Rs 4.10, or 0.46%, to Rs 878.90 per kg in a business turnover of 302 lots.
The metal for delivery in June shed Rs 2.50, or 0.30%, to Rs 887.50 per kg in 207 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 climbed as much as 1.8% to $13,990 per tonne at the LME after rising 9.5% in the two weeks to May 1. The metal may rise to as high as $19,000 by the end of 2015 as supply tightens, Societe Generale SA said on April 30.
