Nickel gains 0.94% on spot demand

Rise in demand from alloy-makers supports uptrend

Nickel prices rose by Rs 9.10 to Rs 980 per kg in futures trade today as speculators enlarged their positions, tracking a firm spot market trend on pick up in demand from alloy-makers.

At the Multi Commodity Exchange, nickel for delivery in September rose by Rs 9.10, or 0.94%, to Rs 980 per kg, with a business turnover of 14,007 lots.

October nickel gained Rs 7.80, or 0.80%, to Rs 985.40 per kg, with a business turnover of 11,588 lots.

Marketmen said a firming trend in the spot markets on the back of a rise in demand from alloy-makers, pushed up nickel prices at futures market.