NEW DELHI, Oct 29: Nickel prices moved up by 0.78% or Rs 7.50 to Rs 965.10 per kg in futures trade today as participants created speculative positions, driven by a firm global trend.
Further, rising demand from alloy-makers in domestic spot markets also influenced metal prices.
At the Multi Commodity Exchange, nickel for delivery in November month shot up by Rs 7.50, or 0.78 per cent, to Rs 965.10 per kg in business turnover of 192 lots.
Also, the metal for delivery in October traded higher by Rs 7, or 0.74 per cent, to Rs 958 per kg in 760 lots.
Globally, nickel for delivery in three months climbed 0.80 per cent to USD 15,662 a tonne at the London Metal Exchange (LME).
Market analysts said speculators creating fresh positions in tandem with a firm global trend on speculation that lower prices will boost consumer buying and reduce production of a lower-grade alternative, mainly led to the rise in metal prices at futures trade.
Besides, firm demand from alloy-makers at the spot markets also supported the upside, they said. (PTI)
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