Nickel down 0.1% on profit-booking, global cues

Metal for delivery in three months declined 0.8% on the London Metal Exchange

Amid profit-booking by speculators and a weak trend overseas, nickel prices moved down by 0.14% to Rs 896 per kg in futures trade today.

Besides, subdued spot demand too put pressure on the metal's prices.

At the Multi Commodity Exchange, nickel for delivery in January fell by Rs 1.30, or 0.14%, to Rs 896 per kg in business turnover of 204 lots.

Similarly, the metal for delivery in February moved down by 90 paise, or 0.10%, to Rs 903 per kg in 17 lots.

Market analysts said besides subdued demand from alloy-makers in the spot market, profit-booking by speculators after recent gains and a weak trend in overseas markets on higher stockpiles in China, also put pressure on nickel futures.
 

Meanwhile, nickel for delivery in three months declined 0.8% to $14,575 a tonne on the London Metal Exchange.