Nickel futures rose by 0.06% to Rs 1,106.10 per kg today after speculators built up fresh positions, taking positive cues from the London Metal Exchange (LME).
Better trend at the spot markets on the back of pick up in demand from alloy makers also supported the upside in nickel futures prices here.
At the Multi Commodity Exchange, nickel for delivery in May traded higher by 70 paise, or 0.06%, at Rs 1,106.10 per kg, with a business turnover of 433 lots.
The metal for delivery in June also gained 60 paise, or 0.05%, to Rs 1,114.20 per kg, with a trade volume of 51 lots. Nickel rose 0.8% to $24,550 a tonne in early trade at the LME.
Market analysts said a firming trend in copper and other base metals at the LME, as a weaker dollar spurred demand for commodities, along with a firm domestic market trend on better demand, influenced the nickel futures prices here.