Nickel futures gain 0.90% on spot demand, overseas trend

Nickel prices rose by Rs 11.10 to Rs 1,241 per kg in futures trade today tracking a firming trend in the overseas market and pick-up in spot demand.   

At the Multi Commodity Exchange, nickel for delivery in May rose by Rs 11.10, or 0.90 per cent, to Rs 1,241 per kg, with an open interest of a single lot.  

Likewise, the metal for delivery in March moved up by Rs 8.40, or 0.69 per cent, to Rs 1,228 per kg, with a business turnover of three lots.

At the London Metal Exchange, nickel added 0.5 per cent to $26,960 a metric tonne. 

Market analysts said apart from good domestic demand from alloy makers, firming trend at the London Metal Exchange led to rise in nickel futures prices.