Nickel futures rise on spot demand

Nickel prices rose by Rs 12.90 to Rs 1,111.70 per kg in futures trade today on firming spot markets trend following pick-up in demand from alloy makers.

At the Multi Commodity Exchange, nickel for August delivery rose by Rs 12.90, or 1.17%, to Rs 1,111.70 per kg, with a business turnover of 14,348 lots.  

Likewise, the metal for September delivery moved up by Rs 12.40, or 1.12%, to Rs 1,118.80 per kg, with an open interest of 561 lots.  

Market analysts attributed the rise in nickel to a firming trend at the spot markets on pick-up in demand from alloy makers.