Nickel prices shot up by 1.26 per cent to Rs 1,019.30 per kg in futures trading today as speculators enlarged position amid rising demand from consuming industries in the spot market and a firming global trend.
At the Multi Commodity Exchange, nickel for delivery in November jumped by Rs 12.70, or 1.26 per cent, to Rs 1,019.30 per kg in a business turnover of 12,199 lots.
In a similar fashion,the metal for delivery in December moved up by Rs 11.80, or 1.16 per cent, to Rs 1,025 per kg in 501 lots.
Market analysts said besides rising demand from alloy makers in the domestic spot market, firmness in base metal overseas after Indonesia reaffirmed its ore export ban and as data shows that the global surplus has narrowed from last year, mainly influenced nickel prices at futures trade.
Globally, nickel for delivery in three months at the LME rose 0.4 per cent to USD 16,425 a tonne.
