Nickel prices advanced by 0.58 per cent to Rs 956.40 per kg in futures trading today as speculators built up fresh positions amid increasing spot demand and a firm trend overseas.
At the Multi Commodity Exchange, nickel for delivery in August month rose by Rs 5.50, or 0.58 per cent to Rs 956.40 per kg in business turnover of 828 lots.
The metal for delivery in September contract was trading higher by a similar margin to Rs 960.50 per kg in 7 lots.
Analysts said widening of positions by participants on the back of rising demand from alloy-makers in the physical markets and a firm trend overseas mainly led to the rise in nickel prices at futures trade.
Meanwhile, nickel for delivery in three months was trading at USD 13,935 a tonne, a one-week high, on the London Metal Exchange.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)