Nickel traded Rs 2.20, or 0.54 per cent lower, at Rs 916 per kg in futures trade today after speculators locked in gains at existing higher levels.
Weak trend overseas and subdued demand from alloy makers at domestic markets also cast its shadow on the nickel prices in futures trade. At the Multi Commodity Exchange, nickel for June contract fell by Rs 2.20, or 0.54 per cent, to Rs 916 per kg, with a turnover of 1,912 lots.
The metal for delivery in July contract also drifted by Rs 1.60, or 0.17 per cent, to Rs 923.20 per kg, clocking a turnover of 664 lots.
Market analysts said besides, profit-booking by speculators and subdued domestic demand, weakening trend in base metals in global markets, also weighed on the nickel futures prices here.