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Nickel prices fell by 0.15% to Rs 807.70 per kg in futures market today as speculators reduced positions on weak cues from global markets amid sluggish demand from alloy-makers in domestic spot market.
At the Multi Commodity Exchange, nickel for delivery in current month traded lower by Rs 1.20, or 0.15%, at Rs 807.70 per kg in a business turnover of 1,854 lots.
Likewise, the metal for delivery in March lost Rs 1.70, or 0.09%, at Rs 798.80 per kg in 2,378 lots.
Analysts attributed the fall in nickel prices in futures trade to a weak trend in overseas markets where the metal declined to the lowest in almost six years amid record stockpiles and weakening demand outlook in China.
Meanwhile, stockpiles tracked by the London Metal Exchange (LME) have grown 53% in the last 12 months to a record 435,048 metric tonnes, according to bourse data.
Globally, nickel for delivery in three months at the LME fell to $12,400 a tonne, the lowest since May 2009.
