Nickel futures rise on spot demand

Nickel prices edged up by Rs seven to Rs 1,311.80 per kg in futures trading today as speculators enlarged their positions on pick up in demand by alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in April contract edged up by Rs seven, or 0.54 per cent, to Rs 1,311.80 per kg, with a business turnover of a single lot. 

Likewise, the metal for delivery in March contract traded higher by the same margin to Rs 1,305.50 per kg, with a business turnover of four lots.   

Market analysts said pick up in demand from alloy-makers influenced nickel futures prices here.