Nickel prices rose by Rs 10.20 to Rs 1,217 per kg in futures market today, supported by a firming trend in the global markets amid increased offtake by alloy-makers.
At the Multi Commodity Exchange, nickel for delivery in May rose by Rs 10.20, or 0.85%, to Rs 1,217 per kg, with an open interest of a single lot.
In a similar fashion, the metal for delivery in April moved up by Rs 9.80, or 0.82%, to Rs 1,208.40 per kg, with a business turnover of two lots.
Market analysts said apart from the rising trend in base metals at London Metal Exchange (LME), increased offtake by alloy-makers led to the rise in nickel futures prices.
Meanwhile, nickel gained 1.7% to $27,250 a metric tonne on the LME.