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Nickel fell by 0.61% to Rs 943.80 per kg in futures trade today as speculators reduced positions amid weak cues from global markets and subdued demand in domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in March shed Rs 5.80, or 0.61%, to Rs 943.80 per kg in a business turnover of 20 lots.
The metal for delivery in February also fell by Rs 3.20, or 0.34%, to Rs 938.70 per kg in a turnover of 296 lots.
Analysts said the fall in nickel prices in futures trade was mostly in tandem with a weakening trend in select base metals at the London Metal Exchange (LME) after data showed China's factory activity unexpectedly contracted, fuelling speculation demand may weaken in the world's biggest user of metals.
Further, low demand at domestic spot markets weighed on prices, they added.
