Nickel prices were up 0.84 per cent to Rs 589.70 per kg in futures market today after speculators widened bets, tracking a firm trend in the spot market on increased demand from alloy makers and base metals rising overseas.
At the Multi Commodity Exchange, nickel for delivery in April gained Rs 4.90, or 0.84 per cent, to Rs 589.70 per kg in a business turnover of 73 lots.
In a similar manner, the metal for delivery in March rose Rs 4.50, or 0.78 per cent, to Rs 582.80 per kg in 1,314 lots.
Analysts said that apart from increased domestic demand from alloy makers and other consuming industries, strength in base metals at the London Metal Exchange (LME) after the Federal Reserve held rates and scaled back expectations of future hikes, supported uptrend in nickel futures here.