Tracking a firming trend in base metals overseas, nickel futures strengthened by 0.91 per cent to trade at Rs 697 per kg today as speculators raised their bets.
Besides, rising demand at domestic spot markets from alloy-makers supported the upside.
At the Multi Commodity Exchange, nickel for delivery in January contracts rose Rs 6.30, or 0.91 per cent, to Rs 697 per kg in business turnover of 831 lots.
Market analysts said a firming trend at the London Metal Exchange (LME) where base metals firmed up, mainly led to rise in nickel futures here.
Globally, nickel for three-month delivery jumped 1.6 per cent to USD 10,175 per tonne.
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