Nickel futures traded Rs 19.50, or 1.98 per cent lower today, as speculators reduced their positions on weak global trend.
Weak demand for the metal at domestic spot markets also put pressure on the nickel prices at futures market here.
At the Multi Commodity Exchange counter, nickel for delivery in July contract traded Rs 19.50, or 1.98 per cent down at Rs 963 per kg, with an open interest of 132 lots.
The metal for delivery in May also fell sharply by Rs 17.60, or 1.81 per cent to Rs 955 per kg, with an open interest of 12,436 lots.
At the London Metal Exchange, nickel dipped $255 or 1.18 per cent to $21,300 per tonne.
Market analysts said, weak trend in base metals at the London Metal Exchange weighed on the nickel prices. Slack demand from domestic alloy makers was also responsible for the fall in metal futures prices.