Nickel down on profit-booking

Firm trend on LME restricted the fall

Amid profit-booking by peculators after recent gains, nickel futures fell by 0.10% to Rs 936.40 per kg today.

However, strength in metal prices at the London Metal Exchange (LME), restricted the fall.

At the MCX, nickel for delivery in July shed 90 paise, or 0.10%, to Rs 936.40 per kg, with a business turnover of 170 lots.

The June contract declined by 80 paise, or 0.09%, to Rs 927.30 per kg in 1,420 lots.

Market analysts said profit-booking by speculators after recent gains, led to a fall in nickel futures prices but a firming trend overseas, limited the losses.

Globally, nickel gained 0.2% to $16,330 a tonne at the LME.