Nickel prices declined by Rs 3.70, or 0.34 per cent, to Rs 1,074 per kg in futures trading today, as speculators reduced their positions, driven by a weak trend in global markets.
Profit-booking by speculators and subdued demand at the physical markets were other factors behind the fall in metal prices at futures market here.
At the Multi Commodity Exchange counter, nickel for September delivery fell by Rs 3.70, or 0.34 per cent, to Rs 1,074 per kg, with an open interest of 11,810 lots.
Similarly, the metal for delivery in October-month lost Rs 3.30, or 0.30 per cent, to Rs 1080.30 per kg, with a business volume of 1,517 lots.
Analysts said weakening trend in the prices at global markets and subdued demand in the spot market mainly led to a fall in nickel prices at futures trade.
Meanwhile, nickel declined 0.5 per cent to $23,100 a metric tonne on the London Metal Exchange.
