Nickel futures weaken on muted demand

Nickel prices fell by 0.76 per cent to Rs 7,340 per kg in futures trade today as speculators cut down their bets amid sluggish demand at the physical markets.

Besides, profit-booking at existing level too put pressure on the metal prices.

At the Multi Commodity Exchange, nickel for delivery in current month was trading down by Rs 5.60, or 0.76 per cent, at Rs 734 per kg, in a business turnover of 1,454 lots.

The metal for delivery in March was also down by Rs 5.10, or 0.68 per cent to trade at Rs 739.90 per kg, in a turnover of 204 lots.
 

Analysts said the fall in nickel prices was mostly in line with a weak trend at the domestic spot markets due to muted demand and profit-booking by participants at prevailing levels.