Tracking a firming trend in the entire base metals pack on the London Metal Exchange (LME), nickel prices shot up by 1.04% to Rs 963.70 per kg in futures trade today.
At the Multi Commodity Exchange, nickel for August delivery shot up by Rs 10, or 1.04%, to Rs 963.60 per kg, with a business turnover of 7,078 lots.
Similarly, the metal for September delivery moved up by Rs 9, or 0.94%, to Rs 969.50 per kg, with an open interest of 886 lots.
Analysts said that besides a firming trend in copper and other base metals on the LME on improving demand from the world's largest metal consumer, China, a rise in demand from alloy makers in the domestic spot market also influenced nickel futures prices.
Meanwhile, nickel climbed by 1.1% to $21,075 a tonne on the LME.
