Nickel prices rose by 0.20 per cent to Rs 646.40 per kg in futures trading today as participants widened their bets, driven by pick up in demand in the domestic spot market.
Besides, covering-up of short positions by speculators too supported the upside.
At the Multi Commodity Exchange, nickel for delivery in the January moved up by Rs 1.30 or 0.20 per cent to Rs 646.40 per kg in business turnover of 699 lots.
The metal for delivery in February contracts edged up by a similar margin to trade at Rs 653 per kg in 359 lots.
Analysts attributed rise in nickel futures to widening of positions by traders due to pick up in demand from alloy-makers in the spot market.
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