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Tracking a firm global trend on speculation that demand for the metal used in corrosion resistance in stainless steel will increase, nickel prices moved up by 0.44% to Rs 875.70 per kg in futures trade today.
Besides, increased demand from alloy-makers in the domestic spot market further supported the uptrend.
At the Multi Commodity Exchange, nickel for delivery in March moved up by Rs 3.80, or 0.44% to Rs 875.70 per kg in business turnover of 24 lots.
In a similar fashion, the metal for delivery in February traded higher by Rs 3.20, or 0.37% to Rs 867.80 per kg in 918 lots.
Market analysts attributed the rise in nickel prices at futures trade to a firm global trend on speculation that demand for the metal used in corrosion resistance in stainless steel will increase.
Meanwhile, nickel for delivery in three months rose 0.8% to 13,866 dollar a metric tonne on the London Metal Exchange.
