Nickel prices went up by 0.67 per cent to Rs 693.50 per kg in futures market today after speculators widened their positions, driven by a firming trend overseas and pick-up in demand at the domestic spot markets.
In futures trading at the Multi Commodity Exchange, nickel for delivery this month spurted Rs 4.60 or 0.67 per cent to Rs 693.50 per kg in a business turnover of 4,547 lots.
The metal for delivery in August was trading higher by Rs 4.60 or 0.66 per cent to Rs 699.80 per kg in 83 lots.
Analysts said besides rising demand from alloy-makers at domestic spot markets, a firming trend in Shanghai where it surged to the highest close in 11 months amid potential supply disruptions in the Philippines, the world's top miner, influenced nickel futures here.
Globally, nickel rose as much as 1.8 per cent to 81,840 yuan (USD 12,241) per tonne on the Shanghai futures Exchange, the highest level since August 19 last year. At the London Metal Exchange, the metal rose 0.4 per cent to USD 10,390 per tonne.
