Nickel futures gain 1.03% on spot demand

Amid a firming global trend, nickel prices moved up by Rs 9.70 to Rs 952 per kg in futures trade today on increased domestic demand.

At the Multi Commodity Exchange, nickel for delivery in November rose by Rs 9.70, or 1.03%, to Rs 952 per kg, with a business turnover of 532 lots.

Likewise, for October delivery, nickel traded higher by Rs 9.30, or 0.99%, to Rs 945.70 per kg, with a trade volume of 6,698 lots.

Market analysts said apart from pick-up in demand from alloy-makers, reports of a rising trend in global markets, mainly pushed up nickel futures prices.

Meanwhile, nickel rose by 1.5% to $19,225 a tonne on the London Metal Exchange.