Nickel futures prices fell by Rs 26.60, or 2.49 per cent, to Rs 1042.40 per kg today, as speculators reduced their holdings on the back of weakening global trend.
Reduced offtake from alloy makers also influenced the trading sentiment.
At the Multi Commodity Exchange platform, nickel for October delivery fell by Rs 26.60, or 2.49 per cent, to Rs 1042.40 per kg, with a business turnover of two lots.
Similarly, the metal for delivery in november declined by Rs 24.80, or 2.30 per cent, to Rs 1078.30 per kg, clocking in a business turnover of just one lot.
Marketmen said positions reduced by the speculators, triggered by a weakening trend in global markets, mainly led to a decline in nickel prices.
Meanwhile, nickel dropped 1 per cent to $23,795 a metric tonne on the London Metal Exchange.
