Nickel futures rise 0.19% on pick up in demand

Nickel prices edged up by 0.17 per cent to Rs 673 per kg in futures trade today as speculators widened their positions, supported by pick up in demand at the domestic spot markets even as metal weakened overseas.
In futures trading at the Multi Commodity Exchange, nickel for delivery this month was up by Rs 1.30, or 0.19 per cent, to Rs 673 per kg, in a business turnover of 633 lots.
Similarly, the metal for delivery in November rose by 90 paise, or 0.13 per cent, to Rs 678.70 per kg in one lot.
Analysts said rising demand from alloy-makers at domestic spot markets, mainly supported the upside in nickel prices at futures trade here but metal's weakness at the London Metal Exchange (LME) in yesterday's trade as supply concerns eased amid speculation that Philippine mines could avoid shutdowns after a government audit of producers, capped the gains.

Globally, nickel for delivery in three months slipped 2.6 per cent to settle at USD 10,080 a metric tonne on the LME, the most since September 12.