Nickel futures melt 0.61% on profit-booking, muted demand

Nickel prices were down by 0.61 per cent to Rs 722.70 per kg in futures trade today as participants locked-in gains amid subdued demand at the spot market.
At the Multi Commodity Exchange, nickel for delivery in February was trading lower by Rs 4.40, or 0.61 per cent, to Rs 722.70 per kg in a business turnover of 25 lots.
The metal for delivery in January also lost Rs 3.10, or 0.43 per cent, to Rs 717.90 per kg in a turnover of 1,321 lots.
Analysts said the fall in metal at futures trade is mostly attributed to profit-booking at existing levels and muted demand at the domestic spot markets.