Nickel prices shed 1.29% in futures market

Tracking a weak trend at the domestic spot market, nickel prices fell by 1.29 per cent to Rs 867.60 per kg in futures market today as participants cut down bets.
Furthermore, profit-booking by speculators, weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in January was down by Rs 11.30 or 1.29 per cent, to Rs 867.60 per kg in a business turnover of 2,442 lots.
In a similar fashion, the metal for delivery in February traded Rs 11.20 or 1.27 per cent lower at Rs 870.50 per kg in 545 lots.
Analysts attributed the fall in nickel futures to offloading of positions by participants, tracking a weak trend at the domestic spot markets due to low demand from alloy-makers.