Nickel declines 0.84% on profit-booking

Fall in demand contributes to downtrend

Nickel traded lower by Rs 8.20 to Rs 970.30 per kg in futures trade today as speculators booked profits at prevailing higher levels amid fall in demand in the spot market.

At the Multi Commodity Exchange, nickel for delivery in October traded lower by Rs 8.20, or 0.84%, to Rs 970.30 per kg in a business turnover of 8,644 lots.

November nickel shed Rs 7.70, or 0.78%, to Rs 976.80 per kg in 549 lots.

Market analysts said besides profit-booking at prevailing higher levels, fall in demand in the spot market kept pressure on nickel futures.