Nickel rises as demand picks up

Amid increased demand from alloy-makers in the spot market, nickel prices moved up by 0.62% to Rs 939.40 per kg in futures trade today.

At the MCX, the June delivery traded higher by Rs 5.80, or 0.62%, to Rs 939.40 per kg, with a business turnover of 194 lots.

The May contract edged higher by Rs 5.60, or 0.61%, to Rs 929.30 per kg, in a turnover of 2,533 lots.

Analysts said increased demand from alloy-makers in the spot market influenced nickel prices at futures trade here, but metal's weakness at the London Metal Exchange (LME) restricted gains.

Meanwhile, nickel fell 0.2% to $16,975 a tonne at the LME.