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Nickel prices shot up by 1.68% to Rs 709.50 per kg in the futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, rebound in base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in July gained Rs 11.70, or 1.68%, to Rs 709.50 per kg in business turnover of 2,025 lots.
The metal for delivery in August was trading higher by Rs 11.60, or 1.64%, to Rs 717 per kg in 138 lots.
Market analysts said apart from increased domestic demand from alloy-makers, recovery in copper and other base metals at the London Metal Exchange (LME) influenced nickel prices at futures trade.
