Nickel prices moved up by 1.50 per cent to Rs 864.20 per kg in futures market today as speculators enlarged their positions amid a firming trend overseas after Indonesia started a ban on mineral ore exports.
Besides, rising demand from alloy-makers also supported the upside.
At the Multi Commodity Exchange, nickel for delivery in January gained Rs 12.80, or 1.50 per cent, to Rs 864.20 per kg in business turnover of 3,988 lots.
Similarly, the metal for delivery in February rose by Rs 12.20, or 1.42 per cent, to Rs 871.90 per kg in 172 lots.
Market analysts attributed notable rise in nickel prices at futures trade to a firming trend overseas where it climbed to hit two-week high by surging 2.4 per cent to USD 14,190 per tonne at the London Metal Exchange after Indonesia started a ban on mineral ore exports and rising demand from alloy-makers.
