Continuing its upward journey, nickel futures rose further by 0.39% to Rs 1,072 per kg as speculators engaged in enlarging their positions, supported by a firming trend at the London Metal Exchange (LME).
Increased demand from alloy makers at the spot markets too supported the upside in nickel futures prices.
At the Multi Commodity Exchange, nickel for delivery in June traded Rs 4.20, or 0.39% higher at Rs 1,072 per kg, with a business turnover of 669 lots.
The metal for delivery in July also gained Rs 3.80, or 0.35% to Rs 1,081 per kg, with a business turnover of eight lots. Likewise, its prices for delivery in current month moved up by Rs 3.50, or 0.33% to Rs 1,062.60 per kg.
Market analysts said a firming trend in copper and other base metals at the LME along with a firm domestic market trend on better demand influenced the nickel futures prices here.
At the LME, nickel added 0.2% to $23,440 per tonne.
