Nickel down 0.2% on profit-booking

Analysts said subdued demand from alloy-maker in the spot market led to the decline

Nickel prices fell 0.28% to Rs 966.80 per kg in futures trading today on emergence of profit-bookings by speculators at existing higher levels amid sluggish demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in March fell by Rs 2.70, or 0.28% to Rs 966.80 per kg in business turnover of 1805 lots.

Similarly, the metal for delivery in April shed Rs 2.60, or 0.27% to Rs 972.20 per kg in 340 lots.

Analysts said besides profit-bookings by speculators at existing higher levels, subdued demand from alloy-maker in the spot market mainly led to decline in nickel prices at futures trade.