Nickel futures turned weak today and traded Rs 10.20, or 1.10 per cent lower at Rs 915.70 per kg, on profit booking by speculators amid weak trend at the London Metal Exchange.
Weak demand for the metal, particularly from alloy makers, also put pressure on the nickel futures prices.
At the Multi Commodity Exchange counter, nickel for delivery in August contract softened by Rs 10.20, or 1.10 per cent, at Rs 915.70 per kg, with a turnover of 77 lots.
The metal for July contract also traded Rs 9.40, or 1.02 per cent lower, at Rs 910.80 per kg, clocked a turnover of 1,135 lots.
At the London Metal Exchange, nickel fell $345, or 1.75 per cent, to $19,400 per tonne.
Market analysts said weakening trend at the London Metal Exchange, as concerns about economic recovery after Moody's investors service warned it may downgrade Spain's debt rating, mainly put pressure on the metal prices at futures market here.
