 "Nickel up by 0.7% on global cues, spot demand")
Nickel prices moved up by Rs 6 to Rs 865.80 per kg in futures market today as speculators enlarged positions amid a firming trend overseas and spot demand.
Besides, covering-up of short positions supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May gained Rs 6 or 0.70% to Rs 865.80 per kg in a business turnover of 584 lots.
Globally, nickel for delivery in three months rose 1.1% to $13,570 a tonne on the London Metal Exchange.
Analysts said apart from increased domestic demand from alloy-makers, firmness in metal at the LME after negotiations failed to halt a strike at the world's second-largest ferro-nickel mine, influenced nickel prices at futures trade here.
The metal used in stainless steel has climbed 9.5% in April, the first monthly advance since January.
Besides, covering-up of short positions supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May gained Rs 6 or 0.70% to Rs 865.80 per kg in a business turnover of 584 lots.
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The metal for delivery in April rose by Rs 5.90 or 0.57% to trade at Rs 858.80 per kg in 787 lots.
Globally, nickel for delivery in three months rose 1.1% to $13,570 a tonne on the London Metal Exchange.
Analysts said apart from increased domestic demand from alloy-makers, firmness in metal at the LME after negotiations failed to halt a strike at the world's second-largest ferro-nickel mine, influenced nickel prices at futures trade here.
The metal used in stainless steel has climbed 9.5% in April, the first monthly advance since January.