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Nickel prices rose by Rs 5.10 to Rs 855.60 per kg in futures trading today as speculators enlarged positions, taking positive cues from the global markets.
A firm trend at the domestic spot markets on the back of increased demand from alloy-makers also influenced prices.
At the Multi Commodity Exchange, nickel for delivery in December traded Rs 5.10, or 0.60%, higher at Rs 855.60 per kg in business turnover of 722 lots.
Similarly, the metal prices for delivery in January traded higher by Rs 5.20, or 0.58%, to Rs 864.20 per kg in 33 lots.
Market analysts said a firming trend in copper and other base metals overseas after the Asian Development Bank raised China's 2013 economic growth forecast to 7.7% from 7.6% in October and increased its 2014 estimate to 7.5% from 7.4%, mainly led to rise in nickel futures.
Besides, increased buying by speculators on pick-up in demand from alloy-maker in the spot market.
