Agri Business

Nickel futures weaken on profit booking

PTI New Delhi | Updated on January 05, 2011 Published on January 05, 2011

Taking weak cues from the London Metal Exchange (LME) amid profit booking by speculators, nickel futures prices fell by 0.92 per cent to Rs 1,146.90 a kg on Wednesday.

At the Multi Commodity Exchange counter, nickel for delivery in March fell by Rs 10.60 or 0.92 per cent to Rs 1,146.90 a kg, with a business turnover of two lots.

The metal for January month delivery traded Rs 7.80 or 0.69 per cent down at Rs 1,126 a kg, with an open interest of two lots.

Market analysts said weakening trend in the entire base metals pack at the LME as demand declined at prevailing prices and stronger dollar reduced appeal for commodities, weighed heavily on the metal prices at futures trade here.

Meanwhile, nickel shed 2.6 per cent to $24,500 a tonne at the LME.

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Published on January 05, 2011
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