Nickel prices surged by 1.81 per cent to Rs 1,059.60 per kg in the futures trade today amid a firming trend overseas on pick-up in demand at domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in December shot up by Rs 18.60, or 1.81 per cent, to Rs 1,059.60 per kg in a business turnover of 10,830 lots.
In a similar fashion, the metal for delivery in January next year traded higher by Rs 17.70, or 1.69 per cent, to Rs 1,066 per quintal in 209 lots.
Market analysts said apart from increased demand from alloy-makers at domestic spot markets, a firm trend in the base metals pack at the London Metal Exchange (LME) on speculation that a production plant closure in Australia will add to supply restrictions, mainly pushed up nickel prices at futures trade.
Globally, nickel for delivery in three months gained 0.7 per cent to USD 16,799 a metric tonne at the LME.
