Nickel regained strength to trade 0.46 per cent higher in futures trade on Friday, largely buoyed by fresh demand at the spot markets, even as the metal weakened at the London Metal Exchange.
At the Multi Commodity Exchange, nickel for delivery in July rose by Rs 4.60, or 0.46 per cent, to Rs 1,005 per kg, with a business turnover of 105 lots.
Likewise, the metal for delivery in June traded Rs 4.60, or 0.44 per cent, higher at Rs 996.20 per kg, with an open interest of 706 lots.
Market analysts said the recovery in nickel futures was mostly due to increased demand from alloy makers at the spot markets. However, the metal’s weakness at the London Metal Exchange capped the gains.
Meanwhile, nickel fell 0.8 per cent to USD 21,950 a tonne on the London Metal Exchange.