Nickel futures decline on lower demand

Nickel futures declined on MCX as speculators indulged in offloading positions following lower demand from alloy-makers and other consuming industries in the domestic spot markets. Further, a weakening trend in the global markets amid speculation that the rally in prices this year may curb demand for the metal too supported the downside. The contract for May delivery was trading at Rs 1163.60, down by 1.66% or Rs 19.70 from its previous closing of Rs 1183.30. The open interest of the contract stood at 10328.00 lots. The contract for June delivery was trading at Rs 1169.00, down by 1.62% or Rs 19.30 from its previous closing of Rs 1188.30. The open interest of the contract stood at 1435.00 lots on MCX.