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Nickel prices moved up by 0.35% to Rs 1,145.90 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in August gained Rs 4, or 0.35%, to Rs 1,145.90 per kg in business turnover of 45 lots.
Similarly, the metal for delivery in July rose by Rs 3.80, or 0.33%, to Rs 1,139.40 per kg in 926 lots.
Analysts said besides rising demand from alloy-makers, a firming trend at the London Metal Exchange (LME) amidst reports that manufacturing in China, the world's biggest user of industrial metals, probably expanded this month at the fastest pace since March last year, influenced nickel futures here.
