Nickel prices dropped by Rs 12.90 or 1.23 per cent to Rs 1,033 per kg in futures trade trade today, after traders reduced their holdings on the back of a weakening global trend.
Feeble conditions in spot markets due to reduced demand from alloy-makers also influenced the nickel prices at futures market.
At the Multi Commodity Exchange, nickel for October month fell by Rs 12.90 or 1.23 per cent to Rs 1,033 per kg with an open interest of 89 lots.
The metal for delivery in August month also declined by Rs 12 or 1.16 per cent to Rs 1,022.60 per kg in 11,199 lots.
Analysts said besides the weakening trend at London Metal Exchange, fall in demand for the metal in the spot market led to nickel prices fall in futures trade.
Nickel shed 0.9 per cent to $22,000 a metric tonne on the London Metal Exchange.
