Nickel rises 0.67% in futures trade

Nickel futures prices gained Rs 6.10, or 0.67 per cent, to Rs 910.80 per kg today, as traders enlarged their positions, triggered by domestic demand for the metal from alloy-makers.

At the Multi Commodity Exchange, nickel for September rose Rs 6.10, or 0.67 per cent, to Rs 910.80 per kg, with an open interest of 116 lots.

Similarly, the metal for delivery in July-month edged higher by Rs 5, or 0.56 per cent, to Rs 899 per kg, with an open interest of 25,500 lots.

Analysts said increased buying by speculators, supported by strength in base metals at the London Metal Exchange on optimism that global demand may pick up, led to a rise in nickel futures.

Besides, strong demand from alloy-makers also influenced nickel prices, they said. Meanwhile, nickel climbed 1.1 per cent to $19,000 a tonne at the LME.