Nickel prices moved up by 1.94 per cent to Rs 671.50 per kg in futures trading today as participants widened their bets, driven by pick up in demand at the spot market amid firm global cues.
At the Multi Commodity Exchange, nickel for delivery in January rose by Rs 12.80, or 1.94 per cent, to Rs 671.50 per kg in business turnover of 2,236 lots.
Likewise, the metal for delivery in February contracts traded higher by Rs 12.50, or 1.88 per cent, to Rs 677.10 per kg in 116 lots.
Analysts attributed the rise in nickel futures to widening of positions by speculators driven by pick up in demand from alloy-makers in the spot market and a firming trend in base metals overseas as the US president reiterated plans to rebuild infrastructure.
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