Nickel futures rise 0.39% as demand picks up

Nickel prices gained 0.39 per cent to trade at Rs 763 per kg in futures trade on rising demand from alloy-makers at the spot market.
At the Multi Commodity Exchange, nickel for delivery in current month moved up by Rs 3, or 0.39 per cent, to Rs 763 per kg in a business turnover of 642 lots.
Metal for delivery in December also rose by Rs 2.90, or 0.38 per cent, to trade at Rs 767.40 per kg in a business turnover of 12 lots.
Analysts said speculators enlarged positions on a firming trend at the domestic spot markets on better demand from alloy-makers influenced nickel prices in futures trade here but continuous weakness in the base metals pack at the London Metal Exchange on concerns about slowing growth in the Chinese economy, restricted the gains.