Nickel futures decline on subdued demand

Nickel futures declined on MCX on the back of a weakening trend in the domestic spot markets due to subdued demand from alloy-makers. Further, weak trend in copper and other base metals in London Metal Exchange also dampened the sentiments. The contract for April delivery was trading at Rs 1116.90, down by 0.77% or Rs 8.70 from its previous closing of Rs 1125.60. The open interest of the contract stood at 8042.00 lots. The contract for May delivery was trading at Rs 1123.90, down by 0.78% or Rs 8.80 from its previous closing of Rs 1132.70. The open interest of the contract stood at 4625.00 lots on MCX.