Nickel futures traded Rs 3.50 lower, or 0.32 per cent, at Rs 1,084 per kg today, as speculators preferred to book profits at prevailing levels.
Subdued spot demand and weakening trend in copper and other base metals overseas were other factors behind fall in nickel futures prices.
On the Multi Commodity Exchange platform, nickel futures for delivery in November contract fell by Rs 3.50, or 0.32 per cent, to Rs 1,084 per kg, with a turnover of 128 lots.
The metal for delivery in September-month contract also shed Rs 2.10, or 0.20 per cent, to Rs 1,072.10 per kg, with a business turnover of 11,505 lots.
Marketmen said apart from profit-booking by speculators at prevailing levels, slack demand and weak trend in base metals overseas, brought weakness in nickel futures here.