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Nickel prices moved down by 0.58% to Rs 937.90 per kg in futures trade today as speculators trimmed their positions, taking negative cues from overseas markets.
Further, subdued demand from alloy-makers in the domestic spot markets also weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in February declined by Rs 5.50, or 0.58%, to Rs 937.90 per kg in business turnover of 309 lots.
The metal for delivery in March shed Rs 3.90, or 0.36%, to Rs 946 per kg in six lots.
Analysts said the fall in nickel prices was mostly in tandem with a weakening trend in base metals in the global market after a record trade surplus for China, the largest metals consumer, highlighted weak domestic demand.
Fall in demand from alloy-makers in the domestic spot markets too put pressure, they said.
Meanwhile, nickel dropped 1.1% to $15,070 a tonne.
