Nickel moves up in futures trade on spot demand

Nickel prices moved up by Rs 7.20 to Rs 901 per kg in futures market today following pick up in demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, the nickel contract gained Rs 7.20, or 0.81%, to Rs 901 per kg in business turnover of 7,888 lots.

The August contract traded higher by Rs 6.50, or 0.72%, to Rs 911 per kg in 677 lots.

Analysts said pick up in demand from alloy-makers in the spot market mainly helped nickel prices to trade higher at futures trade.