Nickel prices plunged by Rs 15.80, or 1.48 per cent, to Rs 1,048.30 per kg in futures trade today, as speculators reduced their positions, driven by a weak trend in entire base metals.
Profit-booking by speculators and subdued demand at the physical markets were other factors behind fall in the metal prices at futures market here.
At the Multi Commodity Exchange platform, nickel for September-month fell by Rs 15.80, or 1.48 per cent, to Rs 1,048.30 per kg, with a business turnover of 5,411 lots.
The metal for delivery in October month also traded lower by Rs 15.60, or 1.46 per cent, to Rs 1,055.10 per kg, with a turnover of 332 lots.
Meanwhile, nickel lost 2.6 per cent to $22,300 per tonne at the London Metal Exchange.
Analysts said meltdown in the entire base metals pack in global markets following a report that regulators may be investigating large futures copper positions in Shanghai, dragging down metal prices overseas.
