Nickel moves up in futures trade as demand picks up

October contract on MCX was up by Rs 4.90 or 0.55% per kg

Nickel prices moved up by 0.55% to Rs 895.50 per kg in futures trading today as speculators enlarged their positions, driven by pick up in demand from alloy-maker in the spot market.

 

At the Multi Commodity Exchange, nickel for delivery in October rose by Rs 4.90, or 0.55%, to Rs 895.50 per kg in business turnover of 2,815 lots.

 

Likewise, the metal for delivery in November moved up by Rs 4.30, or 0.48%, to Rs 902.30 per kg in 367 lots.

 

Market analysts attributed the rise in nickel futures to pick up in demand from alloy-maker in the spot market.