Nickel prices moved down by Rs 3.30 to Rs 955.80 per kg in futures trade today as speculators reduced their positions, tracking a weak trend in overseas markets.
Also, sluggish demand from alloy-makers in the spot market further fuelled the downtrend.
At the MCX, nickel for delivery in June declined by Rs 3.30, or 0.34%, to Rs 955.80 per kg in business turnover of 14,985 lots.
The July contract traded lower by Rs 2.80, or 0.29%, to Rs 963 per kg in 1,032 lots.
Market analysts said speculators offloaded their positions on the back of weak trend in its prices in global markets mainly led to decline in nickel prices at futures trade.
Meanwhile, nickel dropped 1.6% to $17,024 a tonne on the London Metal Exchange.
