Nickel futures down on overseas trends, subdued demand

Amid a weak trend in the global markets and subdued domestic demand, nickel traded 0.67 per cent lower at Rs 1,092.20 per kg in futures trade today as speculators reduced their positions.
At the Multi Commodity Exchange, nickel for delivery in September fell Rs 7.40, or 0.67 per cent, to Rs 1,092.20 per kg in a business turnover of 590 lots.
The metal for delivery in October was also down by Rs 6.70, or 0.61 per cent, to Rs 1,100 per kg in a turnover of 33 lots.
Analysts said the fall in nickel prices at futures trade was mostly in tandem with a weakening trend in the metal at the London Metal Exchange (LME) after home prices weakened in the biggest user China and as the dollar climbed after the Federal Reserve raised interest-rate estimates.

Besides, subdued domestic demand too weighed on the metal prices, they said.