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Nickel prices moved up by 0.91% to Rs 1,008.30 per kg in futures trade today as speculators enlarged their position, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in metal in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in November gained Rs 9.10, or 0.91%, to Rs 1,008.30 per kg in business turnover of 958 lots.
The metal for delivery in December rose by Rs 8.10, or 0.81%, to trade at Rs 1,014 per kg in 58 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metal overseas as Indonesia re-affirmed a ban on ore exports, influenced nickel futures here.
Globally, nickel for delivery in three months at the London Metal Exchange rose $179 to $16,324 a metric tonne.
