Extending its rising streak for yet another day, nikel prices moved up further by 0.25 per cent to Rs 895.40 per kg in futures market today as speculators engaged in enlarging positions, tracking a firming trend overseas and increased demand from alloy-makers.
At the Multi Commodity Exchange, nickel for delivery in January gained Rs 2.20, or 0.25 per cent, to Rs 895.40 per kg in business turnover of 513 lots.
In a similar fashion, the metal for delivery in February rose Rs 1.60, or 0.18 per cent, to Rs 902.60 per kg in 50 lots.
Market analysts said apart from rising domestic demand from alloy-makers, firmness in copper and other base metals at the London Metal Exchange (LME) on speculation that an improving global economy will increase demand also influenced nickel futures prices.
Globally, nickel rose 1.4 per cent to trade at 10-week high of 14,535 dollar per tonne on the LME on concern that supplies will tighten as Indonesian bans ore exports.
