Nickel traded Rs 2.40, or 0.23 per cent lower, to Rs 1,024.10 per kg in futures trade today, as speculators locked in gains amid weak trend overseas.
Weak trend at physical markets due to fall in demand from alloy-makers and other consumers too cast its shadow on the nickel futures prices.
At the Multi Commodity Exchange counter, nickel for delivery in September contract lost Rs 2.40, or 0.23 per cent, to Rs 1,024.10 per kg, with a turnover of 1,752 lots.
Similarly, the metal for delivery in current-month contract also fell by Rs 1.20, or 0.12 per cent, to Rs 1,017.50 per kg, with a turnover of 10,792 lots.
Market analysts said besides emergence of profit-taking by speculators, weak trend in copper and other base metals in international markets gave a negative impact on the nickel futures here.
Subdued trend at the spot markets on sluggish demand was another factor behind fall in the prices, they said.