Amid a weakening global trend and sluggish domestic demand,nickel prices moved down by Rs 7.70 to Rs 967.80 per kg in futures market today as speculators reduced their positions.
At the Multi Commodity Exchange,nickel for delivery in September declined by Rs 7.70,or 0.79 per cent,to Rs 967.80 per kg,with a business turnover of 23,375 lots.
Likewise,the metal for delivery in October lost Rs 7.40,or 0.75 per cent,to Rs 974.80 per kg,with a business turnover of 2,118 lots.
Marketmen said apart from a weak global trend,sluggish demand from alloy-makers in the spot market mainly put pressure on nickel prices at futures trade.
Meanwhile,nickel dropped 1.2 per cent to USD 18,006 a tonne on the London Metal Exchange.