Nickel prices moved up by 0.67% to Rs 1,057.40 per kg in futures trade today as speculators enlarged their positions, tracking a firming trend at the London Metal Exchange.
In addition, better trend at the spot markets also supported the upside in nickel futures prices here.
At the Multi Commodity Exchange, nickel for August delivery traded Rs 7, or 0.67%, higher at Rs 1,057.40 per kg, with a business turnover of 110 lots.
The metal for July delivery gained Rs 7, or 0.65%, to Rs 1,048.50 per kg, with a business volume of 1,494 lots. Meanwhile, nickel jumped 0.5% to $23,485 a tonne at the London Metal Exchange (LME).
Market analysts said a firming trend in copper and other base metals at the LME along with pick-up in demand from alloy makers at the domestic spot markets influenced nickel futures prices here.