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Continuing its upward move, nickel prices rose 0.85% to Rs 1,128 per kg in the futures market today as speculators engaged in enlarging positions after the metal climbed to 14-month high at the London Metal Exchange.
Besides, increased demand in spot markets from domestic alloy-makers, influenced nickel prices.
At the Multi Commodity Exchange, nickel for delivery in April gained Rs 9.50, or 0.85%, to Rs 1,128 per kg in a business turnover of 1,379 lots.
The metal for delivery in May rose by Rs 9.40, or 0.83%, to trade at Rs 1,135.30 per kg in 544 lots.
Analysts said apart from increased domestic demand from alloy-makers, firmness in metal where it traded at 14-month high at the London Metal Exchange (LME) on concern that supplies from Russia may be disrupted amid mounting tensions over Ukraine, supported the upside.
Globally, nickel for delivery in three months at the LME added as much as 1.4% to $18,700 per tonne, the highest level since February 2013.
