Nickel futures traded Rs 21.60, or 2.20 per cent lower at Rs 958.50 per kg, as speculators offloaded their positions, triggered by subdued demand in spot markets.
Weak trend at global markets on worries about slowing economic growth in China also put some pressure on nickel futures prices.
At the Multi Commodity Exchange counter, nickel for delivery in August contract traded Rs 21.60, or 2.20 per cent, down at Rs 958.50 per kg, with a turnover of one lot.
The metal for delivery in June also fell sharply by Rs 18 or 1.87 per cent, to Rs 946.80 per kg, clocking a business turnover of one lot.
Market analysts said weakening trend in base metals pack at global markets and sluggish demand from domestic alloy makers at spot markets also kept pressure on the metal prices.
