Nickel futures succumb to profit-booking, shed 0.93%

Nickel prices dropped by 0.93 per cent, to Rs 809.70 per kg in futures trade today as traders cut down their bets to book profits at current levels.

Moreover, weak cues from the domestic spot markets due to muted demand too put pressure on the metal prices.

In futures trading at the Multi Commodity Exchange, nickel for delivery in November was trading Rs 7.60, or 0.93 per cent, down at Rs 809.70 per kg in a business turnover of 1,399 lots.

The metal for delivery in December also shed Rs 7.40 or 0.90 per cent, to Rs 814.90 per kg in a turnover of 1,068 lots.

Marketmen said the fall in nickel prices in futures trade is mostly attributed to profit-booking by participants at existing levels and a weak trend at the domestic spot markets due to low demand but strength in metal at the London Metal Exchange (LME), capped the fall.

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