Nickel futures weaken on profit booking

Taking weak cues from London Metal Exchange (LME) amid profit booking by speculators, nickel futures prices fell by 0.92 per cent to Rs 1,146.90 per kg today.

At the Multi Commodity Exchange counter, nickel for delivery in March fell by Rs 10.60, or 0.92 per cent, to Rs 1,146.90 per kg, with a business turnover of two lots.

The metal for January-month delivery traded Rs 7.80, or 0.69 per cent down, at Rs 1,126 per kg, with an open interest of two lots.

Market analysts said weakening trend in the entire base metals pack at the LME as demand declined at prevailing prices and stronger dollar reduced appeal for commodities, weighed heavily on the metal prices at futures trade here.

Meanwhile, nickel shed 2.6 per cent to $24,500 a tonne at the LME.