Nickel sheds 0.26% on profit-booking

Traders exit on sluggish demand from alloy makers; however, metals gains in London

Nickel prices declined by 0.26 per cent to Rs 1,169.10 per kg in futures trade today as speculators indulged in booking profits at prevailing higher levels even as the metal strengthened overseas.

At the Multi Commodity Exchange, nickel for delivery in September fell by Rs 3.10, or 0.26 per cent, to Rs 1,169.10 per kg in business turnover of 1309 lots.

The October contract shed Rs 3, or 0.25 per cent to Rs 1,175.20 per kg in 16 lots.

Analysts said the weakness in nickel prices in futures trade was largely due to profit-booking by speculators at higher levels and sluggish demand from alloy-makers but the metal's strength at the London Metal Exchange, capped losses.

Globally, nickel for delivery in three months was up 0.2 per cent at USD 19,425 a metric tonne on the London Metal Exchange.