Nickel prices fell by 0.64% to Rs 996.20 per kg in futures trade today as speculators offloaded their positions amid a weak trend on the London Metal Exchange (LME).
In addition, a weak trend in the domestic spot market due to sluggish demand put pressure on nickel futures prices.
At the Multi Commodity Exchange, September nickel fell by Rs 6.40, or 0.64%, to Rs 996.20 per kg, with a business turnover of 2,146 lots.
The October contract fell by a similar margin to Rs 1,002.70 per kg, with a trade turnover of 163 lots.
Analysts said a weakening trend in base metals on the LME on concerns about demand ahead of the release of key US unemployment data, which may show that growth of the world's largest economy is slowing down, put pressure on nickel futures prices here.
Slack demand from domestic alloy-makers was another factor behind the fall in nickel futures prices, they said.
Meanwhile, nickel lost 0.7% to $21,600 a tonne on the LME.