Taking weak cues from global markets, nickel prices plunged by Rs 21, or 2.07 per cent, to Rs 991.70 per kg in futures market today on considerable fall in demand.
At the Multi Commodity Exchange counter, nickel futures for October-month delivery plunged by Rs 21, or 2.07 per cent, to Rs 991.70 per kg, with an open interest of 577 lots.
The metal for delivery in September also tumbled by Rs 20.20, or 2.01 per cent, to Rs 984.30 per kg, with an open interest of 9,153 lots.
Analysts said fall in demand from alloy-makers at spot markets and weakening trend in global markets mainly led to a fall in nickel prices at futures market here.