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Supported by rising demand from alloy-makers in domestic spot markets and a firming trend overseas, nickel prices moved up by 0.24% to Rs 807.90 per kg in futures trade today.
Nickel for delivery in May moved up by Rs 1.90 or 0.24% to Rs 807.90 per kg, in a business turnover of 150 lots at the Multi Commodity Exchange.
In a similar fashion, the metal for delivery in current month contracts traded higher by Rs 1.70 or 0.21% to Rs 800.50 per kg, in 1,316 lots.
Market analysts attributed the rise in nickel prices in futures trade to enlarging of positions by speculators, driven by rising demand from alloy-makers in the spot market and a better trend in metals at the London Metal Exchange, ahead of US housing data and a gauge of manufacturing strength in China.
China and the US are the two largest consumers of the industrial metal.
