Nickel futures weaken on profit booking

Nickel futures prices fell by 0.58 per cent to Rs 1,132.20 per kg today, amid profit booking by speculators and weak trends in overseas markets.

At the Multi Commodity Exchange counter, nickel for February delivery fell by Rs 6.60, or 0.58 per cent, to Rs 1,132.20 per kg, with a business turnover of just two lots.

Similarly, contracts for December delivery of the metal traded Rs 6, or 0.54 per cent down, at Rs 1,119 per kg, with a trade volume of just two lots.

Market analysts said apart from profit booking by speculators, a weak trend in copper at the London Metal Exchange also weighed heavily on nickel futures prices here.