Nickel prices fell by Rs 16.50 or 1.78 per cent to Rs 910.50 per kg in futures trade today, as traders reduced their positions in tandem with a weakening global trend.
Subdued demand at physical markets also put pressure on the nickel prices at futures market here. At the Multi Commodity Exchange, nickel for June-month contract fell by Rs 16.50, or 1.78 per cent to Rs 910.50 per kg, with an open interest of 16,199 lots.
The metal for delivery in July contract also drifted by Rs 15.70, or 1.68 per cent to Rs 916.30 per kg, with an open interest of 2,300 lots.
Market analysts said besides, weakening trend in base metals in global markets, after a drop in US housing starts, signalled slower demand for industrial metals, fresh selling by traders mainly pulled down the nickel prices at futures market.
At the London Metal Exchange, nickel declined 2.3 per cent to $19,580 a metric tonne.