Amid sluggish domestic demand and a weak trend in global markets, nickel prices traded lower by 2.16 per cent to Rs 611.60 per kg in futures trading today as speculators cut down their bets.
At the Multi Commodity Exchange, nickel for delivery in July month drifted lower by Rs 13.50, or 2.16 per cent to Rs 611.60 per kg in business turnover of 2989 lots.
On similar lines, the metal for delivery in June month contracts moved down by Rs 13 or 2.10 per cent to Rs 605.50 per kg in 19,991 lots.
Analysts said the fall in nickel prices at futures trade was mostly attributed to a weakening trend in base metal at the London Metal Exchange (LME) amid sluggish demand from alloy-makers at the domestic spot market.
