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Buoyed by a firming trend overseas, nickel continued its rising streak and prices moved up further by 0.51 per cent to Rs 1,269.30 per kg in futures trading today as speculators engaged in creating huge positions.
Besides, rising demand at domestic spot markets from alloy makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May rose by Rs 6.40, or 0.51 per cent, to Rs 1,269.30 per kg in business turnover of 2,320 lots.
June nickel rose by Rs 4.50, or 0.35 per cent to trade at Rs 1,274.70 per kg in 202 lots.
Market analysts said a firming at the London Metal Exchange (LME) where nickel advanced to a 27-month high as Vale SA said operations remain halted at a plant in New Caledonia, further crimping supply that has been hit by Indonesia's ban on ore exports.
Meanwhile, nickel for delivery in three months contracts climbed 3.40 per cent to $21,625 a metric tonne, the highest level since February 10,2012 on the LME.
