Nickel succumbs to profit-booking in futures trade

Nickel futures fell by 0.73 per cent to Rs 1,081.50 per kg today on profit-booking by speculators and a weak trend overseas.

Market analysts said apart form profit-taking, weak trend in base metals in global market on prospects of credit tightening in China, the world's user of metals, which may reduce demand. 

In addition, firm dollar and slack demand in the spot markets, also weighed on the metal prices in futures trade here.

At the Multi Commodity Exchange counter, nickel contract for October delivery fell by Rs 8.40, or 0.73 per cent, to Rs 1,081.50 per kg, with a turnover of nine lots.

 

In a similar fashion, December delivery nickel futures also shed Rs 5.80, or 0.53 per cent, to Rs 1,097.20 per kg, with a turnover of 138 lots.

Meanwhile, nickel fell by 0.50 per cent to $24,200 per tonne at the London Metal Exchange.