Nickel prices shot up by Rs 8.50 to Rs 1,195.50 per kg in futures trade today as speculators indulged in enlarging their positions, supported by pick-up in spot demand and a firming trend overseas.
At the Multi Commodity Exchange, nickel for delivery in March shot up by Rs 8.50, or 0.72 per cent, to Rs 1,195.50 per kg, with an open interest of a single lot.
Likewise, the metal for delivery in April jumped up by Rs 7.50, or 0.63 per cent, to Rs 1,203.30 per kg, with a business turnover of two lots.
Market analysts said besides pick-up in demand from alloy makers, firming trend in other base metals overseas influenced the trading sentiment.
Meanwhile, nickel rose by 0.4 per cent to $26,450 a metric tone on the London Metal Exchange.
