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Taking weak cues from an overseas market and subdued demand at the domestic spot market, nickel prices dropped 0.58% to Rs 837.70 per kg in futures trade today as participants trimmed their exposure.
At Multi Commodity Exchange, nickel for delivery in June dropped Rs 4.90, or 0.58%, to Rs 837.70 per kg in a business turnover of 237 lots.
The metal for delivery in July also fell by Rs 4.80, or 0.56%, to Rs 845.10 per kg in a turnover of 31 lots.
Analysts said the fall is mostly in line with a weakening trend in base metal at the London Metal Exchange (LME) where it fell to a 1-week low on signs that supplies are plentiful as demand eased in China, the world's top user of industrial metals.
Inventories, monitored by the LME, have climbed 13% this year.
Furthermore, subdued demand from alloy-makers at the spot market, weighed on metal prices, they said.
