Taking weak cues from global markets, nickel prices drifted by Rs 4.80 to Rs 1,039.30 per kg in futures market today on considerable fall in demand amid weakening global trend.
At the Multi Commodity Exchange platform, nickel for September-month fell by Rs 4.80, or 0.46 per cent, to Rs 1,039.30 per kg, with a business turnover of three lots.
The metal for delivery in October also lost Rs 4.60, or 0.44 per cent, to Rs 1,045.80 per kg in just one lot.
Analysts said fall in demand from alloy-makers at spot markets and a weakening trend in global markets mainly led to a fall in nickel prices at futures market here.
Meanwhile, nickel declined one per cent to $23,125 a metric tonne on the London Metal Exchange.