Nickel prices were up by 0.46 per cent to Rs 670.30 per kg in futures market today as speculators raised their bets, tracking rising spot demand and a firming trend overseas.
At the Multi Commodity Exchange, nickel for delivery in September was trading higher by Rs 3.10, or 0.46 per cent, to Rs 670.30 per kg, in a business turnover of 707 lots.
The metal for delivery in October rose by Rs 2.60, or 0.39 per cent, to trade at Rs 675.60 per kg in two lots.
Analysts said increased domestic demand at the spot markets from alloy-makers, supported the upside in nickel prices at futures trade here.
Moreover, metal's strength at the London Metal Exchange (LME) on speculation shipments of nickel ore from the Philippines may shrink as much as 30 per cent this year as the country cracks down on errant miners and after some companies cut output in the first half due to weak prices and poor weather, influenced sentiments.
Globally, nickel for delivery in three months rose 0.1 per cent to USD 10,070 per tonne at the LME.
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