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Nickel futures spurted by 2.37% to Rs 893.10 per kg today as speculators enlarged positions amid rising demand at spot markets.
However, weakness in select base metals at the London Metal Exchange (LME), capped the gains.
At the Multi Commodity Exchange, nickel for delivery in January gained Rs 20.70, or 2.37%, to Rs 893.10 per kg in a business turnover of 1,658 lots.
In a similar fashion, the metal for delivery in February rose by Rs 20, or 2.27%, to Rs 899.90 per kg in 96 lots.
Market analysts said increased domestic demand from alloy-makers mainly supported the upside in nickel prices in futures trade here but a weak trend in select base metals at the LME, capped the gains.
Globally, nickel for delivery in three months dropped 0.8% to USD 14,630 a metric tonne at the LME.
