Nickel prices rose 2.04 per cent to Rs 715.17 per kg in futures trade today as speculators enlarged positions on positive cues from global markets.
Moreover, increased demand from alloy-makers in the domestic spot market, supported the uptrend.
At the Multi Commodity Exchange, nickel for delivery in July traded higher by Rs 14.30, or 2.04 per cent, to Rs 715.70 per kg, in a business turnover of 4,237 lots.
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Similarly, the metal for delivery in August was trading higher by Rs 13.70, or 1.94 per cent, to Rs 721.50 per kg in 193 lots.
Globally, nickel surged 1.3 per cent at the London Metal Exchange, adding to the eight-month high it hit on Tuesday amid expectations of supply cuts in the Philippines, the top miner.
Market analysts attributed the rise in nickel futures to a firm trend in base metals pack in global market on expectations that policy makers around the world are gearing up for economic stimulus that will buoy demand for materials and pick up in demand from alloy-makers in the spot markets.
