Nickel futures rise on spot demand

Nickel prices rose by Rs 4.50 to Rs 996 per kg in futures trade today as speculators enlarged their positions, motivated by a pick-up in demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, November nickel gained Rs 4.50, or 0.45%, to Rs 996 per kg, with a business turnover of nine lots.

August contract moved up by Rs 3.20, or 0.33%, to Rs 973.70 per kg, with an open interest for 14,005 lots.

Market analysts said increased buying by speculators on the back of a pick-up in demand from alloy-makers in the spot market mainly led to the rise in nickel futures prices.