Nickel prices rose by Rs 5.50 or 0.60 per cent to Rs 996 per kg in futures trade today, as traders enlarged their positions, supported by a firm demand for the metal at spot markets.
However, weakening trend in the Asian region and closure of the London Metal Exchange for bank holiday today, limited gains.
At the Multi Commodity Exchange counter, nickel for July contract moved up by Rs 5.50, or 0.60 per cent to Rs 996 per kg, with an open interest of 110 lots.
Similarly, the metal for delivery in June contract rose by Rs 5.80, or 0.59 per cent to Rs 991.70 per kg, with a business turnover of 1,925 lots.
Analysts said a firming trend at physical markets on the back of pick up in demand from domestic alloy makers led to a rise in nickel futures prices but weak trend overseas, restricted gains.