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Nickel prices moved up by Rs 4.40 to Rs 1,130.70 per kg in futures market today after speculators enlarged positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in select base metals in the global markets, supported the upside.
At the Multi Commodity Exchange, nickel for delivery in current month gained Rs 4.40, or 0.39%, to Rs 1,130.70 per kg in a business turnover of 407 lots.
In a similar fashion, the metal for delivery in October rose by Rs 3.70, or 0.33%, to Rs 1,136.70 per kg in 5 lots.
Globally, nickel gained as much as 0.3% to $18,604 per tonne at the London Metal Exchange (LME).
Market analysts said apart from increased domestic demand from alloy-makers, firmness in metal at the LME before a report that may show factory orders expanded in US, pushed up nickel prices at futures trade here.
