Nickel down 0.5% on profit-booking, global cues

Metal prices for delivery in June contracts fell by 0.48%

Nickel futures prices today dropped 0.50% to Rs 1,152 per kg in as speculators locked in gains amid a weak trend overseas.

At the Multi Commodity Exchange, nickel prices for delivery in July dropped by Rs 5.80, or 0.50%, to Rs 1,152 per kg in a business turnover of 29 lots.

Metal prices for delivery in June contracts fell by Rs 5.50, or 0.48%, to trade at Rs 1,147 per kg in a turnover of 580 lots.

Market analysts said besides profit-booking, spot demand at domestic markets and a weak trend in base metals overseas after China manufacturing gauge misses estimates mainly weighed on nickel futures here.