Nickel futures up by Rs 3 per kg on firm demand

Nickel prices moved up by Rs 3 to Rs 701.60 per kg in futures market today after speculators widened positions, tracking a firming trend in spot market on increased demand from alloy-makers.
At the Multi Commodity Exchange, nickel for delivery in January 2017 gained Rs 3, or 0.43 per cent, to Rs 701.60 per kg in business turnover of 38 lots.
In a similar manner, the metal for delivery in current month rose by Rs 2.60, or 0.38 per cent, to Rs 694.80 per kg in 259 lots.
Market analysts said apart from increased domestic demand from alloy-makers and other consuming industries,covering-up of short positions by speculators ahead of monthly expiry, influenced nickel futures here.