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Nickel prices shot up by 1.38% to Rs 1,050.30 per kg in the futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in far-month January gained Rs 14.30, or 1.38%, to Rs 1,050.30 per kg in business turnover of 73 lots.
The metal for delivery in December rose by Rs 13.80, or 1.34%, to trade at Rs 1,043.50 per kg in 1,484 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in the base metals pack at the London Metal Exchange (LME) influenced nickel prices at futures trade.
Globally, nickel prices at the LME rose as much as 1.5% after climbing to $16,698, the highest since November 24, in yesterday's trade following Indonesia's Constitutional Court's decision to uphold a ban on exporting unprocessed ores.
