Nickel gains 0.31% as demand picks up

Firm trend on the LME also supported prices

Amid pick up in demand from alloy-makers and a firming trend in global markets, nickel prices gained Rs 2.80 to Rs 918.90 per kg in futures trading today.

At the MCX, nickel for delivery in May rose by Rs 2.80, or 0.31%, to Rs 918.90 per kg in business turnover of 6,330 lots.

The June contract edged up by Rs 2.40, or 0.26%, to Rs 928.50 per kg in 5,223 lots.

Analysts said increased demand from alloy-makers in the spot market and firmness in metal at the London Metal Exchange (LME), mainly led to rise in nickel prices at futures trade.

Meanwhile, nickel gained 0.20% at $16,335 per tonne at the LME.