Nickel prices fell by 1.44% to Rs 1,160.70 per kg in futures trade today after speculators turned hesitant and reduced their positions in line with weakening trend overseas.
Weak trend at the domestic markets on sluggish demand also put pressure on the metal's futures prices.
At the Multi Commodity Exchange, nickel for delivery in April fell by Rs 16.80, or 1.44%, to Rs 1,160.70 per kg, with a business turnover of 3,405 lots.
The metal for delivery in May traded Rs 16.40, or 1.38%, down at Rs 1,169.30 per kg, with a business turnover of 138 lots.
Market analysts said besides a weakening trend in copper and other base metals overseas, subdued demand from alloy makers in the domestic market led to the fall in nickel futures prices.