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Nickel prices slumped Rs 25.70 to Rs 722.50 per kg in futures trade today, its six-year low in the global market.
Further, a weak trend in metal at the spot market due to fall in demand from consuming industries, weighed on metal prices.
At the Multi Commodity Exchange, nickel for delivery in June plunged by Rs 25.70, or 3.60 per cent, to Rs 722.50 per kg in a business turnover of 3,246 lots.
The metal for delivery in July traded lower by Rs 26.70, or 3.52 per cent, to Rs 732.20 per kg in 3,471 lots.
Analysts said offloading of positions by speculators, driven by a weak trend in global markets pulled down metal prices in futures trade.
Globally, nickel for delivery in three months on the London Metal Exchange dropped to as low as USD 10,895 per tonne. The metal for delivery in September in Shanghai dropped 3.4 per cent to its daily limit of 87,330 yuan a tonne.
