Nickel futures rise on spot demand; overseas trend

Nickel prices edged up by 0.56% to Rs 1,180.70 per kg in futures trading today as speculators indulged in enlarging their positions, supported by pick-up in demand by alloy-makers in the spot market and a firming trend overseas.

At the Multi Commodity Exchange, nickel for delivery in March moved up by Rs 6.60, or 0.56%, to Rs 1,180.70 per kg, with a business turnover of 2,412 lots.

Likewise, the metal for delivery in April traded higher by Rs 6.50 to Rs 1,189.30 per kg, with a business volume of 239 lots.

Market analysts said besides pick up in demand from alloy-makers, recovery in copper and other base metals overseas also influenced nickel futures prices here.