Nickel futures up on spot demand

Nickel prices traded higher by 0.11% to Rs 992.30 per kg in futures trading today as speculators created fresh positions, supported by a rise in demand from alloy-makers.

At the Multi Commodity Exchange, January nickel traded higher by Rs 1.10, or 0.11%, to Rs 992.30 per kg, with a business turnover of 861 lots.

The February delivery edged up by 70 paise, or 0.07%, to Rs 997.40 per kg, with an open interest of 62 lots.

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