Nickel futures prices today moved up by 0.34 per cent to Rs 949.30 per kg as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in the base metals pack at the London Metal Exchange (LME) supported the upside.
At the Multi Commodity Exchange, nickel for delivery in March gained Rs 2.30, or 0.24 per cent, to Rs 949.30 per kg in business turnover of 798 lots.
In a similar fashion, the metal for delivery in April rose by Rs 2.20, or 0.23 per cent, to Rs 955 per kg in 36 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in metal at the LME on concern trhat supply constraints will deepen as the US keeps pressuring Russia to back down Ukrain, influenced nickel futures prices here.
Meanwhile, nickel prices advanced 0.4 per cent to USD 15,530 per tonne on the LME.
