The metal for the June contract also lost Rs 10.30, or 0.98% to Rs 1,042.40 per kg, with a business volume of 687 lots at the MCX.
Moreover, the decline in the demand for the metal at the local spot markets also influenced the prices of the commodity.
Some of the major features of the world nickel market are that it is characterized by rising demand and constrained supply and it is more than 54% if world total supply comes from only five companies.
The global nickel consumption is growing by an average 3.1 per cent a year.
Major producers of Nickel are Russia, followed by Australia, Canada, New Caledonia and Indonesia, which represents over 65% of total world production.
Nickel finds its usage in various industries like engineering, electrical and electronics, infrastructure, automobile and automobile components, packaging, Batteries etc.