Nickel futures rise on pick up in demand

Buoyed by firming global trend, nickel prices rose by Rs 8.80 or 0.87 per cent in futures today on increased offtake by alloy makers.

At the Multi Commodity Exchange, nickel for December contract rose by Rs 8.80 or 0.87 per cent to Rs 1,016.40 per kg, with a business turnover of 2 lots.

Likewise, the metal for delivery in November contract gained Rs 8.30 or 0.83 per cent to Rs 1,005.20 per kg, with a business volume of 3 lots.

Market analysts said pick up in demand from alloy makers amid firming trend at London Metal Exchange led to the rise in nickel prices.

Meanwhile, nickel was 0.9 per cent up at $22,050 a tonne on the London Metal Exchange.