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Nickel prices moved up by Rs 4.80 to Rs 856.70 per kg in futures trade today after speculators enlarged positions, tracking a firming trend overseas amid rising demand in domestic spot markets.
In futures trading at the Multi Commodity Exchange, nickel for delivery in May gained Rs 4.80 or 0.56% to Rs 856.70 per kg in business turnover of 28 lots.
Similarly, the metal for delivery in current month rose by Rs 3.90 or 0.46% to Rs 849.40 per kg in 177 lots.
Market analysts said nickel futures were influenced by increased domestic demand from alloy-makers and firmness in metal in the global markets, affected by BHP Billiton saying its Cerro Matoso mine in Colombia is operating below capacity because of a strike.
Globally, nickel for delivery in three months on the London Metal Exchange climbed 0.9% to $13,315 per tonne. The metal prices rose 3.9% to $13,195 per tonne on Friday.
In Shanghai the metal for July delivery advanced 3.7% to 101,490 yuan ($16,375) per tonne, its upper daily limit.
