Nickel prices drifted lower by 0.79 per cent to Rs 1,001.40 per kg in futures trading today as speculators booked profit, prompted by a weak trend in select base metals overseas.
At the Multi Commodity Exchange, nickel for delivery in June fell by Rs 8, or 0.79 per cent, to Rs 1,001.40 per kg in a business turnover of 479 lots.
Likewise, the metal for delivery in current month contracts traded lower by Rs 7.90, or 0.79 per cent, to Rs 996.90 per kg in 1,075 lots.
Analysts said profit-booking by participants and a weak trend in copper and other base metals at the London Metal Exchange (LME), pressured by a firmer dollar amid Italy's deepening political crisis pulling investors out of risky assets, mainly led to the decline in nickel prices in futures trade.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)