At the Multi Commodity Exchange, nickel for delivery in August drifted lower by Rs 2.40, or 0.36 per cent, to Rs 658.50 per kg, in a business turnover of 550 lots.
Metal for delivery in September also rose by a similar margin to trade at Rs 663.20 per kg in 34 lots.
Analysts said the fall in nickel prices in futures trade is mostly attributed to tepid demand from alloy-makers at the domestic spot market.