Nickel futures for February declined by Rs 2.40, or 0.25%, to Rs 949.40 per kg in 690 lots.
At the Multi Commodity Exchange, the January contract shed Rs 2.10, or 0.22%, to Rs 942.60 per kg in 6,723 lots.
Speculators reducing their holdings amid a weak global trend affected the trade.
On London Metal Exchange, nickel fell 0.3% to $17,507 a tonne.
