Nickel futures moved up by 0.87% today after speculators enlarged their positions, buoyed by a firming trend on the London Metal Exchange (LME).
A better trend in the spot markets on the back of increased demand from alloy-makers also influenced nickel futures prices here.
At the Multi Commodity Exchange, nickel for delivery in May was trading Rs 9, or 0.87%, higher at Rs 1,042.90 per kg, with a business turnover of 2,562 lots.
The metal for delivery in June also gained Rs 8.70, or 0.83%, to Rs 1,051.80 per kg, with an open interest for 390 lots. At the LME, nickel rose 0.50% to $23,000 per tonne in early trade today.
Market analysts said a firming trend in copper and other base metals on the LME on the back of signs of improving demand, along with a firm domestic market trend on better demand, supported the upside in nickel futures prices here.