Nickel futures traded Rs 12.90 or 1.30 per cent lower at Rs 980 per kg today, as speculators reduced their positions, triggered by weak overseas trend.
Weak demand for the metal at domestic markets also weighed down nickel prices in futures market here.
At the Multi Commodity Exchange counter, nickel for delivery in July contract traded Rs 12.90, or 1.30 per cent, down at Rs 980 per kg, with a turnover of 282 lots.
The metal for delivery in June also fell Rs 10, or 1 per cent, to Rs 978.70 per kg, with a turnover of 4,193 lots.
At the London Metal Exchange, nickel dipped $420 or 1.97 per cent to $20,930 per tonne.
Market analysts said weak trend in base metals at the London Metal Exchange and Shanghai weighed down by warnings from the European Central Bank and China about economic recovery, put pressure on the nickel prices at futures market here.
