Nickel futures weaken on overseas cues; muted demand

NEW DELHI, Aug 25:  Amid a weak trend in the global markets and subdued domestic demand, nickel traded 0.33 per cent lower at Rs 637.60 per kg in futures trade today as speculators reduced their bets.
At Multi Commodity Exchange, nickel for delivery in August was trading down by Rs 2.10, or 0.33 per cent, at Rs 637.60 per kg in a business turnover of 583 lots.
The metal for delivery in September was also down Rs 1.80, or 0.28 per cent, to Rs 645.30 per kg in a turnover of 68 lots.
Analysts said the fall in nickel prices was mostly in line with a weakening trend in metals overseas on growth concerns after data last week showed the country’s manufacturing fell to the lowest in more than six years. (PTI)