Nickel prices rose by Rs 14.30, or 1.42 per cent, to Rs 1,019.20 per kg in futures market today, as speculators enlarged their positions after metal prices gained at the London Metal Exchange on weakening dollar.
Increased offtake from alloy-makers also influenced the nickel prices at futures trade.
At the Multi Commodity Exchange platform, nickel for August rose by Rs 14.30, or 1.42 per cent, to Rs 1019.20 per kg, with an open interest of 11,482 lots.
The metal for delivery in September also moved up by Rs 13.20, or 1.30 per cent, to Rs 1025.10 per kg, with an open interest of 1,375 lots.
At the London Metal Exchange, nickel gained 1.5 per cent to $21,750 a tonne.
Analysts said rising demand from alloy-makers and gains in base metals in global market on weaker dollar, mainly influenced the nickel prices in futures market.