Nickel futures down 0.24% on profit-booking

Nickel prices drifted lower by 0.24 per cent to Rs 701.50 per kg in futures trading today as speculators booked profits at prevailing levels, driven by easing demand in the spot market.

At the Multi Commodity Exchange, nickel for delivery in February fell by Rs 1.70, or 0.24 per cent, to Rs 701.50 per kg, in a business turnover of 11 lots.

Similarly, the metal for delivery in January shed 80 paise, or 0.11 per cent, to Rs 696.30 per kg in 811 lots.

Analysts said besides profit-booking by traders, fall in demand from alloy-makers in the spot market, mainly influenced nickel prices at futures trade.