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Nickel prices moved up by 0.15% to Rs 1,029.80 per kg in futures trade today as speculators indulged in covering up short positions.
Further, rising demand at domestic spot markets from alloy-makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in December rose by Rs 1.50, or 0.15%, to Rs 1,029.80 per kg in business turnover of 43 lots.
Metal for delivery in current month moved up 80 paise, or 0.08% to Rs 1,023.20per kg in 684 lots.
Market analysts said the rise in nickel prices in futures trade was mostly supported by covering-up of short positions by speculators and rising demand from alloy-makers in domestic spot markets but metal's weakness at the London Metal Exchange (LME), limited the gains.
Globally, nickel for delivery in three months at the LME fell 0.4% to $16,583 a metric tonne after a strike in Colombia was called off and stockpiles monitored by the LME reached to a record high.
