Nickel futures rose by Rs 8.65, or 0.84 per cent, to Rs 1,034.95 per kg after speculators created heavy positions, driven by strong spot demand and firming overseas trend.
At the Multi Commodity Exchange, nickel for delivery in August month rose by Rs 8.65, or 0.84 per cent, to Rs 1,034.80 per kg in a turnover of 11,349 lots.
The September contract also traded higher by Rs 8.60, or 0.83 per cent, to Rs 1,041.40 per kg, clocking a turnover of 1,416 lots.
Analysts said apart from strong demand from alloy makers at the domestic physical markets, gains in base metals in global market also attributed gains in nickel futures.