Tracking a firming trend, nickel prices shot up by Rs 24.20 to Rs 990.50 per kg in futures trade today on emergence of speculators buying.
At the Multi Commodity Exchange, nickel for August delivery shot up by Rs 24.20, or 2.50%, to Rs 990.50 per kg, with a business turnover of 8,582 lots.
Similarly, the metal for September delivery moved up by Rs 23.60, or 2.43%, to Rs 997.50 per kg, with an open interest of 490 lots.
Market analysts said apart from a firming trend in global markets, pick-up in demand from alloy market in the spot market mainly pushed up nickel futures prices.
Meanwhile, nickel rallied 4% to $22,050 a tonne on the London Metal Exchange.
