Nickel futures rise as demand picks up

Firm trend on LME, spot demand pulled nickel higher

Amid increased demand from alloy-makers in the spot market and a firming global trend, nickel prices moved up by 0.38% to Rs 931 per kg in futures trade today.

This was despite a fall in copper, the most actively traded contract in the base metal complex.

At the MCX, nickel for delivery in May traded higher by Rs 3.50, or 0.38%, to Rs 931 per kg, with a business turnover of 3,013 lots.

The June contract edged higher by Rs 3.40, or 0.36%, to Rs 942.50 per kg, with an open interest of 57 lots.

Analysts said increased demand from alloy-makers in the spot market amid a firming trend at the London Metal Exchange mainly led to a rise in nickel prices at futures market.

The three-month nickel contract gained 0.7% to $17,402 a tonne on the London Metal Exchange.