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Nickel prices moved up by 0.34% to Rs 895.90 per kg in futures market today after speculators enlarged position amid increased demand in spot market from alloy-makers.
Besides, a firming trend in the base metals pack at the London Metal Exchange (LME) also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in December gained Rs 3, or 0.34%, to Rs 895.90 per kg in business turnover of seven lots.
Similarly, the metal for delivery in November gained Rs 2.60, or 0.29%, to Rs 887.20 per kg in 419 lots.
Market analysts said increased domestic demand from alloy-makers and reports of a firming trend in copper and other base metals at the LME before the release of US data that may help investors gauge when the Federal Reserve will begin tapering bond purchases and ahead of Chinese trade figures, led the rise in nickel prices at futures trade here.
