Nickel prices gained 1.56 per cent to Rs 914 per kg in futures trade today as speculators built up positions, supported by rising demand from alloy makers in the spot market amid a firm trend in select base metals overseas.
At the Multi Commodity Exchange, nickel for delivery in May moved up by Rs 14, or 1.56 per cent, to Rs 914 per kg in a business turnover of 331 lots.
Similarly, the metal for April delivery traded higher by Rs 13.80, or 1.54 per cent, to Rs 910.90 per kg in a business turnover of 5,718 lots.
Analysts said, speculators enlarged positions on a firming trend at the domestic spot markets on better demand from consuming industries coupled with strength in select base metals overseas, which mainly supported the upside in nickel prices in futures trade.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)