Nickel prices moved up by 0.65% to Rs 872.30 per kg in futures trade today as speculators created fresh positions, supported by rising demand from alloy-makers in the spot market amid a firm global trend.
At the Multi Commodity Exchange, nickel for delivery in December rose by Rs 5.60, or 0.65%, to Rs 872.30 per kg in a business turnover of 6,722 lots.
Similarly, the metal for delivery in January moved up by Rs 4.50, or 0.51%, to Rs 879.50 per kg in 614 lots.
Analysts attributed the rise in nickel futures to a firm global trend as major smelters in Japan plan to seek alternative ore supplies amid mounting concerns over Indonesian shipments.
Meanwhile, nickel for delivery in three months gained one% to USD 14,175 a tonne on the London Metal Exchange.
