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Nickel prices moved up by 0.49% to Rs 886 per kg in futures market today after speculators created positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in December gained Rs 4.30, or 0.49%, to Rs 886 per kg in business turnover of 430 lots.
In a similar fashion, the metal for delivery in January 2014 contracts up by Rs 3.40, or 0.38%, to Rs 892.60 per kg in 45 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in copper and other base metals at the London Metal Exchange after China's central bank injected funds, helping ease surging financing costs also influenced nickel futures here.
