Nickel futures down 0.34% on overseas trend, subdued demand

Amid a weak trend in the global markets and subdued domestic demand, nickel traded 0.34 per cent lower at Rs 590 per kg in futures trade today.
At the Multi Commodity Exchange, nickel for delivery in April was trading Rs 2, or 0.34 per cent down, at Rs 590 per kg, in a business turnover of 49 lots.
The metal for delivery in March was also down by Rs 1.50, or 0.26 per cent, to Rs 584.50 per kg, in a turnover of 2,675 lots.
Analysts said the fall in nickel prices was mostly in tandem with a weakening trend in the base metals pack at the London Metal Exchange (LME) after China's manufacturing conditions worsen again, raising demand concerns.

Besides, low domestic demand, particularly from alloy-makers, weighed on the metal prices, they said.
Globally, nickel dropped 0.7 per cent at the LME.