Nickel prices gained 0.42 per cent to Rs 699.80 per kg in futures trade today as participants widened their bets, driven by positive global cues and pick up in demand at the domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in February was trading higher by Rs 2.90, or 0.42 per cent, to Rs 699.80 per kg, in a business turnover of 903 lots.
On similar lines, the metal for delivery in far-month March traded higher by Rs 2.70, or 0.38 per cent, to Rs 705 per kg in eight lots.
Analysts attributed the rise in nickel futures to pick up in demand from alloy-makers in the spot market and a firming trend in base metals at the London Metal Exchange (LME).
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