Aimid firming trend at global markets, nickel futures traded Rs 17 or 1.70 per cent higher at Rs 1,014.60 per kg today.
Spot demand in the physical markets from domestic alloy makers also influenced the nickel prices to rise at futures market.
At the Multi Commodity Exchange counter, nickel for delivery in July-month contract recovered sharply by Rs 17, or 1.70 per cent to Rs 1,014.60 per kg, with an open interest of 157 lots.
The metal for delivery in current-month May contract shot up by Rs 13.80, or 1.39 per cent to Rs 1,007.30 per kg, having an open interest in 9262 lots.
Analysts attributed the recovery in nickel futures prices to strong demand in the physical markets from domestic alloy makers and recovery in entire base metals pack at the London Metal Exchange.
At the London Metal Exchange, nickel rose USD 250, or 1.17 per cent to USD 21,550 a metric tonne.
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