Nickel prices moved up by 0.50 per cent to Rs 868.50 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in base metals in the global markets also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in February gained Rs 4.10, or 0.50 per cent, to Rs 868.50 per kg in business turnover of 661 lots.
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Similarly, the metal for delivery in March rose by Rs 4.10, or 0.147 per cent, to Rs 876 per kg in 48 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in the entire base metals pack at the London Metal Exchange also influenced nickel futures here.
