Nickel futures strengthen on spot demand

Nickel futures prices traded 0.73 per cent higher at Rs 1,101.50 per kg today, as speculators enlarged their positions at prevailing levels, amid firming trend at the spot market.

At the Multi Commodity Exchange counter, nickel for delivery in January traded Rs 8, or 0.73 per cent higher, to Rs 1,101.50 per kg, with a business turnover of 1,347 lots.

Similarly, the metal for delivery in February moved up by Rs 8.10, or 0.72 per cent, to Rs 1,111.50 per kg, with a business turnover of 199 lots.

Market analysts said besides strong demand at the spot market form alloy makers, a firm trend in select base metals at the London Metal Exchange, supported the upside in nickel futures prices here.