Nickel down by 0.2% on profit-booking

Nickel prices fell by 0.22% to Rs 822.50 per kg in futures trading today as speculators booked profits amid subdued spot demand.

     

However, metal's gain in the globalmarket, capped the losses.

 

At the Multi Commodity Exchange, nickel for delivery in September fell by Rs 2, or 0.22%, to Rs 899 per kg in business turnover of 66 lots.

 

Similarly, metal for delivery in August traded lower by Rs 1.60, or 0.18%, to Rs 892.50 per kg in 1,261 lots.

 

Marketmen said speculators besides profit-booking by speculators, sluggish demand from alloy-makers in the domestic spot market also put pressure on nickel futures but strength in base metals overseas, limited the losses.

   

Meanwhile, nickel advanced 2.4% to $14,680 a tonne on the London Metal Exchange.