Nickel prices rose 1.04 per cent to Rs 702.70 per kg in futures trade today as speculators enlarged positions on positive cues from global markets.
Besides, increased demand from alloy-makers in the domestic spot market, supported the uptrend.
At the Multi Commodity Exchange, nickel for delivery in October traded higher by Rs 7.20, or 1.04 per cent, to Rs 7,092.70 per kg, in a business turnover of 115 lots.
Similarly, the metal for delivery this month was higher by Rs 7, or 1.01 per cent, to Rs 697.30 per kg in 1,458 lots.
Globally, nickel prices jumped 1.1 per cent at the London Metal Exchange (LME) as investors weighed the prospect of more mine closures in the Philippines, the biggest exporter of nickel ore.
Market analysts attributed the rise in nickel futures to a firm trend in global market after the Philppines government said on Wednesday that more than 10 suppliers will probably be suspended in addition to 10 that have already been halted after an environmental audit.
Besides, pick up in demand from alloy-makers in the spot markets too supported the upmove in metal prices, they said.
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