Tracking recovery in the entire base metals pack in overseas markets, alongwith short covering by speculators, nickel rose by Rs 3, or 0.34 per cent, to Rs 896.40 per kg in futures trade today.
Better demand, particularly from alloy makers at physical markets also influenced the nickel prices at futures trade.
On the Multi Commodity Exchange counter, nickel for delivery in June contract moved up by Rs 3, or 0.34 per cent, to Rs 896.40 per kg, with a turnover of 575 lots. Similarly, the metal for delivery in July contract gained Rs 2.80, or 0.20 per cent, to Rs 906.70 per kg, clocking a turnover of 645 lots.
Analysts said besides, gains at the London Metal Exchange, increased demand from domestic alloy makers also influenced the nickel prices at futures market here.
Covering-up of pending positions by speculators onto the last session of current-month June expiry too supported the prices, they added. Meanwhile, nickel traded 1.44 per cent, higher at $19,350 a tonne at the London Metal Exchange.
