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Nickel prices surged by 1.42% to Rs 883.50 per kg in futures trade today as speculators enlarged their positions on the back of strong demand from alloy-makers in the spot market amid a firming global trend.
At the Multi Commodity Exchange, nickel for delivery in September month traded Rs 12.40, or 1.42%, higher at Rs 883.50 per kg in business turnover of 728 lots.
In a similar fashion, the metal for delivery in October shot up by Rs 12, or 1.36%, to Rs 892 per kg in 44 lots.
Market analysts said the rise in nickel futures was attributed to rising demand at spot market from alloy-makers and a firming trend in copper and other base metals on the global market driven by upbeat Chinese economic data and easing concerns over Syria.
