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Nickel prices moved up by 0.12% to Rs 835.80 per kg in the futures market today as speculators enlarged their positions, tracking a firming trend overseas amid spot demand.
At the Multi Commodity Exchange, nickel for delivery in July gained Rs 1.10, or 0.12%, to Rs 835.80 per kg in business turnover of 1,835 lots.
The metal for delivery in August rose by Rs 1.20, or 0.11%, to trade at Rs 842.50 per kg in 228 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas following a Federal Reserve report showed a bigger-than-expected gain in regional US manufacturing, signalling improved demand prospects for the metals, helped nickel futures to trade higher.
Globally, nickel advanced 0.2% to $14,000 a tonne.
