Nickel futures down on weak global cues, profit-booking

Amid weak trend overseas and sluggish domestic demand, nickel shed 0.46% in futures trade today as participants engaged in reducing positions.  

At the Multi Commodity Exchange, July contract for nickel fell by Rs 4.80, or 0.46%, to Rs 1,031.30 per kg, with a business turnover of 1,885 lots. 

Likewise, August contract for metal edged lower by Rs 4.60, or 0.44%, to Rs 1,040.60 per kg, with a turnover of 111 lots.  

Analysts said a weak trend in copper and other base metals overseas along with subdued demand at domestic markets mainly led to the fall in nickel futures prices here.