Nickel remained weak for the second day and prices shed 1 per cent to Rs 944.30 per kg in futures trade today as speculators engaged in reducing exposure, taking negative cues from spot market on fall in demand.
At the Multi Commodity Exchange, nickel for delivery in April fell by Rs 9.50, or 1 per cent to Rs 944.30 per kg in a business turnover of 1,676 lots.
In a similar fashion, the metal for delivery in May was trading lower by Rs 8.40, or 0.88 per cent to Rs 948.40 per kg in 310 lots.
Market analysts said offloading of positions by participants due to decline in demand from alloy-makers in the physical markets mainly kept pressure on nickel prices at futures trade.
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