Nickel prices moved up by 1.28% to Rs 985.30 per kg in futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.
Besides, an encouraging trend in copper and other base metals in the global markets supported the upside.
At the Multi Commodity Exchange, nickel for delivery in March gained Rs 12.50, or 1.28%, to Rs 985.30 per kg in business turnover of 1,073 lots.
Similarly, the metal for delivery in April rose by Rs 12.45, or 1.27%, to Rs 991.45 per kg in 140 lots.
Market analysts said apart from increased domestic demand from alloy-makers, a firming trend at the London Metal Exchange (LME) as an export ban by Indonesia and the risk of sanctions against Russia raised concern that supplies willbe crimped, also influenced nickel futures here.
Globally, at the LME, nickel for delivery in three months rose as much as 2.2% to USD 16,225 per tonne.
