Nickel prices tumbled by 4.31 per cent to Rs 1,127.90 per kg in futures trade today as speculators indulged in offloading positions after the metal slumped 9.7 per cent in global markets.
Furthermore, subdued demand from alloy-makers in the domestic spot markets also weighed on the prices.
At the Multi Commodity Exchange, nickel for delivery in May declined by Rs 50.80, or 4.31 per cent, to Rs 1,127.90 per kg in a business turnover of 1,076 lots.
The June contract shed Rs 47.30, or 4 per cent, to Rs 1,136.60 per kg in 19 lots.
Analysts said the steep fall in nickel prices at futures trade was in tandem with a weakening trend in the global markets where it had slumped steadily in the past 31 months with investors judging the metal's rally as being overdone.
In addition, a fall in demand from alloy-makers in the domestic spot markets has put pressure, they said.
Globally, nickel tumbled as much as 9.7 per cent on the London Metal Exchange to USD 18,090 per tonne for three-month futures contract.
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