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Furthermore, low demand from alloy makers and other consuming industries in the domestic spot markets also weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in March contracts declined by INR 9.20, or 1.04%, to INR 876.70 per kilogram in a business turnover of 1,021 lots. The metal for delivery in April shed INR 9.10, or 1.02%, to INR 884.30 per kilogram in 60 lots.
Analysts said that the fall in nickel prices at futures trade was largely in tune with a weakening trend in the global markets where most industrial metals retreated as data showed manufacturing slowed in China, the world's biggest consumer.
In addition, slackened demand from alloy makers in the domestic spot markets too put pressure on the prices. Globally, nickel lost 0.8% on the London Metal Exchange to USD 14,185 per tonne for three month futures contract.