Nickel prices went up by 0.63 per cent to Rs 692.30 per kg in futures trade today as speculators widened their positions, driven by a firming trend overseas and pick-up in demand at the domestic spot markets.
In futures trading at the Multi Commodity Exchange, nickel for delivery in November spurted Rs 4.30, or 0.63 per cent, to Rs 692.30 per kg in a business turnover of 54 lots.
Similarly, the metal for delivery in October was trading higher by Rs 3.70, or 0.54 per cent, to Rs 684.70 per kg in 1,557 lots.
Analysts said besides rising demand from alloy-makers at domestic spot markets, a firming trend in base metals at the LME after China's official factory gauge stabilized around a three-year low as government stimulus measures are steadying a manufacturing decline in the world's biggest consumer, influenced nickel futures here.
At the London Metal Exchange (LME), nickel rose to the highest level in three weeks, adding as much as 0.6 per cent to USD 10,465 per tonne.
