Nickel today traded Rs 2.90, or 0.30 per cent higher at Rs 965.70 per kg in futures trading, as speculators engaged in building up fresh positions, driven by increased spot demand.
Recovery in copper and other base metals at the London Metal Exchange in early trade today, also influenced the metal prices at futures market here.
At the Multi Commodity Exchange platform, nickel for delivery in August-month rose Rs 2.90, or 0.30 per cent, to Rs 965.70 per kg, with a turnover of 1,945 lots.
The September contract also traded higher by Rs 2.50, or 0.20 per cent, to Rs 974.30 per kg, clocked a turnover of 313 lots.
Analysts said apart from strong demand from alloy makers at physical markets, recovery in base metals in global markets after yesterday's weakness, also attributed to the gains in nickel futures.