Nickel down 0.2% on profit-booking

Nickel futures traded 0.24% lower at Rs 719.50 per kg today as participants reduced their exposure to book profits.

However, a firming trend overseas restricted the gains.

At the Multi Commodity Exchange, nickel for delivery in August fell Rs 1.70 or 0.24% to Rs 719.50 per kg in a business turnover of 562 lots.

Also, metal for delivery in Septeber was trading Rs 1.50 or 0.21% lower at Rs 725.40 per kg in three lots.

Globally, nickel for delivery in three months rose 0.5% to settle at $10,770 per tonne, the highest close in almost one year at the London Metal Exchange (LME) yesterday.
 
Prices rose for a second session after the Philippines, the world's biggest producer of nickel ore, started auditing miners and ordered small-scale producers to stop operations as it vows to clean up the industry.

Market analysts said profit-booking and trimming of positions mainly weighed on nickel futures.