Nickel prices declined by 0.47 per cent to Rs 767.20 per kg in futures trade today as speculators cut down bets because of easing demand in the spot market and weakening base metals overseas.
At the Multi Commodity Exchange, nickel for delivery in the current month fell by Rs 3.60, or 0.47 per cent, to Rs 767.20 per kg, in a business turnover of 2,007 lots.
Likewise, the metal for delivery in December shed Rs 3.50, or 0.45 per cent, to Rs 772.40 per kg in 119 lots.
Analysts said offloading of positions by participants on the back of sluggish demand from alloy-makers and other consuming industries in the spot market and weakness in copper and other base metals at the London Metal Exchange (LME) mainly influenced nickel prices.
Globally, at the LME, the 3-month nickel price fell USD 160 to USD 12,330 per tonne.