Nickel prices fell by 1.12% in futures trade today amid a weak trend overseas on concerns about demand.
Subdued demand from alloy-makers in the spot market also put pressure on nickel futures prices.
At the Multi Commodity Exchange, September nickel fell by Rs 11.40, or 1.12%, to Rs 1,009.50 per kg, with a business turnover of 2,286 lots.
Market analysts attributed the fall in nickel futures prices to a weakening trend in the entire base metals pack as Europe's debt woes continued, intensifying concern that the global economy is set to slowdown.
In addition, subdued demand from alloy-makers in domestic spot markets also put some pressure on the metal prices, they said.
Meanwhile, nickel lost as much as 1.6% to $21,158 per tonne on the London Metal Exchange.