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Nickel prices were up by 0.30% to Rs 1,142.40 per kg in futures market today as speculators enlarged positions amid a firming trend in spot market on increased demand from alloy-makers.
Further, an encouraging trend in copper and other base metals in the global markets, supported the upside.
At the Multi Commodity Exchange, nickel for delivery in September gained Rs 3.40, or 0.30%, to Rs 1,142.40 per kg in a business turnover of 8 lots.
Similarly, the metal for delivery in August rose by Rs 2.90, or 0.26%, to Rs 1,135.80 per kg in 176 lots.
Analysts said besides rising demand from alloy-makers at domestic spot markets, a firming trend at the London Metal Exchange (LME) amidst speculation that demand may rise in China after below-target inflation signalled room for policy easing in the world's largest user, influenced nickel futures.
