Nickel futures up 0.15% on rising spot demand

Taking firm cues from the London Metal Exchange (LME) and rising demand at the domestic spot markets, nickel futures prices gained Rs 11.60 to Rs 1,075.10 per kg today.  

At the Multi Commodity Exchange counter, nickel for October delivery edged up by Re 1, or 0.15 per cent, to Rs 1,015.90 per kg, with a business volume of 14 lots.

Similarly, the metal for delivery in November rose Rs 1.30, or 0.13 per cent, to Rs 1,028.50 per kg, with a business turnover of five lots.

Meanwhile, at the LME, nickel gained 0.6 per cent to $22,930 a tonne. 

Analysts said apart from firming trend in the entire base metals pack at the LME, as a weaker dollar boosted commodities appeal as an alternate investment, firm demand at the domestic spot  markets from steel makers, also pushed up nickel futures prices.