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Nickel futures declined by 0.14 per cent today as traders reduced their positions, even as the metal strengthened at the London Metal Exchange (LME).
At the Multi Commodity Exchange counter, nickel for delivery in June declined by Rs 1.40 or 0.14 per cent to Rs 1,004.30 per kg with a business turnover of 2,485 lots. Likewise, July contract also fell by a similar margin to Rs 1,013.80 per kg with a trade volume of 142 lots.
Analysts said subdued demand at the domestic spot market mainly led to the fall in nickel futures prices, but gains in base metals at the LME restricted the losses.
Meanwhile, nickel rose 0.6 per cent to $22,450 a tonne at the LME.
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