Nickel futures down on weak global cues, profit-booking

NEW DELHI: Amid weak trend overseas and sluggish domestic demand, nickel shed 0.46 per cent in futures trade today as participants engaged in reducing positions.

At the Multi Commodity Exchange, nickel for delivery in July fell by Rs 4.80, or 0.46 per cent, to Rs 1,031.30 per kg, with a business turnover of 1,885 lots.

Likewise, the metal for delivery in August edged lower by Rs 4.60, or 0.44 per cent, to Rs 1,040.60 per kg, with a turnover of 111 lots.

Analysts said a weak trend in copper and other base metals overseas along with subdued demand at domestic markets mainly led to the fall in nickel futures prices here.