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Nickel prices moved up by 0.52% to Rs 842.60 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 (MCX), the June contract gained Rs 4.20, or 0.52%, to Rs 842.60 per kg in 1,123 lots.
The July contract rose by Rs 3.90, or 0.46%, to Rs 850 per kg in 362 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in metal overseas amid reports that China's State Reserve Bureau bought nickel, influenced nickel futures here.
