Global cues, low demand drag nickel futures

Taking negative cues from global market and low demand from alloy-makers at domestic spot markets, nickel prices today felll Rs 4 to Rs 723 per kg in futures trade.
Nickel for delivery this month was trading Rs 4, or 0.55 per cent down at Rs 723 per kg in futures trading in a business volume of 721 lots at the Multi Commmodity Exchange.
The metal for delivery in August too was trading Rs 3.90, or 0.53 per cent down at Rs 730.80 per kg in a turnover of 75 lots.
Analysts said the fall in nickel prices in futures trade was mostly in tune with a weakening trend in most industrial metals at the London Metal Exchange (LME) after Chinese manufacturing activity tumbled to a 15-month low in July.

A private gauge of Chinese manufacturing unexpectedly fell to the lowest in 15 months in July to 48.2.
China is the world's largest consumer of base metals.
Besides, easing demand from consuming industries, particularly, alloy-makers too weighed on the prices, they said.
Globally, nickel lost 1.2 per cent at the LME.