Nickel futures shed 0.42% on profit-booking

Nickel prices fell 0.42 per cent to Rs 791 per kg in futures market today amid profit-booking by speculators. Tepid demand from consuming industries in spot markets also weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in January was down Rs 3.30, or 0.42 per cent, at Rs 791 per kg in a business turnover of 1,096 lots.
Similarly, the metal for delivery in February eased Rs 2.70, or 0.34 per cent, to Rs 796.10 per kg in 14 lots.
Analysts attributed the fall in nickel futures to profit-booking at existing levels by participants and a weak trend in spot markets due to poor demand from alloy-makers.