Nickel prices recovered by Rs 8.10 to Rs 1,044 per kg in futures trade today on pick up in demand from alloy makers in the spot market amid firming global trend.
At the Multi Commodity Exchange counter, nickel for September recovered by Rs 8.10, or 0.78 per cent, to Rs 1,044 per kg, with an open interest of 14,109 lots.
Similarly, the metal for delivery in October gained Rs 6, or 0.58 per cent, to Rs 1,049 per kg, with an open interest of 1,084 lots.
Analysts attributed the rise in nickel futures to strong spot demand at physical markets from consuming industries, primarily alloy makers, who supported the upside in nickel prices.
Meanwhile, nickel advanced 0.8 per cent to $22,374 a metric tonne on the London Metal Exchange.