Nickel futures up on spot demand, short-covering

Nickel futures rose further by 0.33% today supported by pick up in spot demand and covering-up of short positions by speculators.

At the Multi Commodity Exchange, nickel for delivery in March traded Rs 3.70, or 0.33%, higher at Rs 1,137.80 per kg, with a business turnover of 1,063 lots.

The metal for delivery in April also gained Rs 3.10, or 0.27%, to Rs 1,146.50 per kg, with a business turnover of 120 lots.

Market analysts attributed the rise in nickel futures to the rise in demand from alloy makers at spot markets and a firming trend in copper at the London Metal Exchange.