Nickel shot up 1.42 per cent to Rs 755.60 per kg in the futures market today as speculators widened their positions, tracking a firming trend at spot market on increased demand from alloy-makers.
Besides, rebound in base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in July gained Rs 10.50, or 1.42 per cent, to Rs 755.60 per kg in a business turnover of 20,925 lots.
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The metal for delivery in August was trading higher by Rs 10.40, or 1.38 per cent, to Rs 763 per kg in 1,066 lots.
Analysts said apart from increased domestic demand from alloy-makers, firming trend overseas after purchases by China surged to the most since July 2009 in a sign the world's largest consumer is drawing on global supply to meet demand, influenced nickel prices at futures trade here.
At the LME, nickel for delivery in three months added as much as 2.4 per cent to trade at two-week high of USD 11,980 per tonne.
