Supported by pick-up in domestic demand and a firming trend at the London Metal Exchange, nickel prices rose by Rs 5.90 to Rs 1,186 per kg in futures market today.
At the Multi Commodity Exchange, nickel for delivery in May rose by Rs 5.90, or 0.50% to Rs 1,186 per kg, with an open interest of two lots.
In a similar fashion, the metal for delivery in April moved up by Rs 5.20, or 0.44%, to Rs 1,177 per kg, with a business turnover of one lot.
Market analysts said apart from the rising trend in base metals at London Metal Exchange (LME), increased offtake by alloy-makers led to the rise in nickel futures prices.
Meanwhile, nickel gained one per cent to $26,675 a metric tonne on the LME.
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