Nickel prices fell by Rs 3 to Rs 977.20 per kg in futures trade today, as speculators reduced their positions due to sluggish spot demand even as metal strengthened at the London Metal Exchange (LME).
At the Multi Commodity Exchange, the February contract for nickel fell by Rs 3, or 0.31%, to Rs 977.20 per kg in business turnover of 1,386 lots.
The March contract edged lower by Rs 3, or 0.30%, to Rs 986.80 per kg in 642 lots.
Analysts said subdued demand at the domestic spot markets mainly kept pressure on the nickel futures here but a firming trend at the LME restricted the losses.
Meanwhile, nickel advanced 1% to $19,950 a tonne on the LME.