Nickel prices fell by 0.61 per cent to Rs 668.50 per kg in futures trade today as speculators cut down their bets amid sluggish demand and a weak trend overseas.
Besides, profit-booking at existing level too put pressure on the metal prices.
At the Multi Commodity Exchange, nickel for delivery in current month was trading down by Rs 4.10, or 0.61 per cent, at Rs 668.50 per kg, in a business turnover of 419 lots.
The metal for delivery in far-month May was also down by Rs 3.50, or 0.52 per cent, to trade at Rs 674.50 per kg, in a turnover of 2 lots.
Analysts said the fall in nickel prices was mostly in line with a weak trend at the domestic spot markets due to muted demand and profit-booking by participants at prevailing levels.
Moreoever, a weak trend in base metals at the London Metal Exchange (LME) too weighed on prices, they added.
Globally, nickel dropped 0.8 per cent at the LME.
Disclaimer: No Business Standard Journalist was involved in creation of this content
