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Nickel futures prices today dropped 1.06% to Rs 1,031 per kg in as speculators trimmed positions amid a weak trend overseas.
Besides, subdued demand from alloy-makers in the spot markets also weighed on prices.
At the Multi Commodity Exchange, nickel prices for delivery in October dropped by Rs 11, or 1.06%, to Rs 1,031 per kg in a business turnover of 440 lots.
Metal prices for delivery in September contracts fell by Rs 10, or 0.97%, to trade at Rs 1,024 per kg in a turnover of 700 lots.
Market analysts said besides subdued demand from alloy-makers at domestic spot markets, a weak trend in base metals overseas on concern that demand will slow in China, the biggest metals user, and after Philippine lawmakers clarified last week they won't seek an ore-export ban for at least seven years mainly weighed on nickel futures here.
Globally, nickel for delivery in three months dropped by 2.5% to $16,551 a metric tonne on the London Metal Exchange (LME).
Meanwhile, the metal at the LME retreated 13% this quarter.
