NEW DELHI: Nickel prices moved up by 0.12 per cent to Rs 835.80 per kg in the futures market today as speculators enlarged their positions, tracking a firming trend overseas amid spot demand.
At the Multi Commodity Exchange, nickel for delivery in July gained Rs 1.10, or 0.12 per cent, to Rs 835.80 per kg in business turnover of 1,835 lots.
The metal for delivery in August rose by Rs 1.20, or 0.11 per cent, to trade at Rs 842.50 per kg in 228 lots.
Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas following a Federal Reserve report showed a bigger-than-expected gain in regional US manufacturing, signalling improved demand prospects for the metals, helped nickel futures to trade higher.
Globally, nickel advanced 0.2 per cent to USD 14,000 a tonne.
