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Nickel futures for March declined by Rs 8.50, or 0.93%, to Rs 905.30 per kg in 2,068 lots.
At the Multi Commodity Exchange (MCx), the April contract shed Rs 7.90, or 0.86% to Rs 913.30 per kg in 271 lots.
Weakening trend at the London Metal Exchange (LME) was triggered due to unprecedented levy on bank deposits in Cyprus that threatened to plunge Europe back into crisis curbed demand for metals.
Fall in demand from alloy-makers in the domestic spot markets too put pressure on Nickel.
On LME, nickel dropped 1.9% to $16,900 a tonne.
