Nickel futures gain 0.57%

Nickel prices moved up by 0.57% to Rs 940.10 per kg in futures trade today amid a firming trend in base metals overseas.

In addition, a pick-up in demand from alloy-makers in the domestic spot market also influenced nickel futures prices.

At the Multi Commodity Exchange, December nickel rose by Rs 5.30, or 0.57%, to Rs 940.10 per kg, with an open interest for 2,050 lots.

The January contract was trading higher by Rs 5.30, or 0.56%, at Rs 948.30 per kg in 156 lots.

Analysts said besides increased demand from alloy-makers in the spot market, a rising trend in base metals on the LME due to declining stockpiles influenced nickel futures prices here.