Nickel drop by 0.9% on profit-booking

Nickel futures prices today dropped 0.87% to Rs 663 per kg as speculators locked in gains amid a weak trend overseas.

At Multi Commodity Exchange, nickel prices for delivery in September dropped Rs 6.40, or 0.87%, to Rs 663 per kg in a business turnover of 332 lots.

Metal prices for delivery in October contracts fell Rs 5.70, or 0.84%, to trade at Rs 670.80 per kg in a turnover of 28 lots.

Market analysts said besides profit-booking, a weak trend in base metals overseas and worries over China's economic slowdown kept pressure on nickel futures.