Nickel down on profit-booking

Nickel futures fell by 0.10% today after speculators reduced their positions at prevailing level even as metal strengthened overseas.

At the Multi Commodity Exchange, December nickel traded Rs 1.30, or 0.10% lower at Rs 965.60 per kg, with a business turnover of 1,233 lots.

The January delivery declined by Re 1, or 0.06%, to Rs 972.50 per kg, with a business turnover of 78 lots.

Market participants said apart from sluggish demand from alloy makers, profit-booking by speculators put pressure on nickel futures prices but gains in base metals at the London Metal Exchange, capped the losses.