Nickel falls marginally on profit-booking

Nickel futures prices fell by Rs 1.60 to Rs 1,071.50 per kg today, as speculators booked profits at existing higher levels, driven by sluggish demand from alloy-makers in the spot market amid weak trend in it prices in global markets.

At the Multi Commodity Exchange, nickel for delivery in March fell by Rs 1.60, or 0.15%, to Rs 1,071 for 50 per kg in business turnover of 166 lots.

The February contract shed Rs 1.50, or 0.14%, to Rs 1,065.80 per kg in 2,216 lots.

Market analysts attributed the fall in nickel futures prices to profit-booking by speculators driven by subdued demand from alloy-makers in the spot market and a weak trend in its prices at the London Metal Exchange (LME).

 

Meanwhile, nickel fell 0.8% to $21,630 a tonne at the LME.