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Nickel prices moved down by 0.62% to Rs 1,180.80 per kg in futures trade today as participants reduced their exposures, tracking a weak trend overseas and sluggish demand from alloy-makers in the spot market.
At the Multi Commodity Exchange, nickel for delivery in August month declined by Rs 7.40, or 0.62%, to Rs 1,180.80 per kg in a turnover of 42 lots.
July nickel traded lower by Rs 8.60, or 0.56%, to Rs 1,175.20 per kg in 1,517 lots.
Analysts attributed the fall in nickel prices at futures trade to a weak trend in metal at the London Metal Exchange (LME) as some investors viewed the recent price surge as excessive amid rising stockpiles.
Besides, low demand from alloy-makers at domestic spot markets also influenced prices, they said.
At the LME, nickel for delivery in three months contract retreated as much as 1.1% to $19,649 a metric tonne. It had touched $19,990 in yesterday's trade, the highest since May 20.
Meanwhile, LME-tracked inventories reached a record 305,970 tonne on June 18.
