The prices of nickel for the February contract fell by Rs 6.20, or 0.55 per cent to Rs 1,124.30 per kg, with a business turnover of 17 lots at the Multi Commodity Exchange (MCX) in the midst of a decline in the global trend and the slow spot demand.
The metal for the January contract also traded Rs 5.60, or 0.50 per cent down at Rs 1,116 per kg, with a turnover of 303 lots at the MCX.
The LME Index of prices for six industrial metals retreated 0.9 per cent yesterday.
Moreover, there was a decline in the trend in copper and other base metals on the London Metal Exchange (LME) since the rally in the greenback lessened the appeal for commodities as an alternative investment and the slow local demand which also influenced the prices of the metal.
Nickel is a chemical element, with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge.
It is one of the four elements that are ferromagnetic around room temperature, the other three being iron, cobalt and gadolinium.