Nickel futures weaken on muted demand, profit-booking

Amid subdued domestic demand, nickel fell by 0.56 per cent to Rs 730 per kg in futures trade today as speculators cut down their bets.

Profit-booking at current levels too put pressure on the metal prices.

At the Multi Commodity Exchange, nickel for delivery in the current month was trading down by Rs 4.10, or 0.56 per cent, at Rs 730 per kg in a business turnover of 1,058 lots.

The metal for delivery in March was also down by Rs 3.90, or 0.53 per cent, to trade at Rs 735.30 per kg in a turnover of 931 lots.

Analysts said the fall in nickel prices was mostly in line with a weakening trend in metal at the domestic spot market due to muted demand amid profit-booking.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)