Nickel moves up on strong demand, overseas trend

Nickel rose by Rs 17.50, or 1.65 per cent, to Rs 1,077.50 per kg in futures trade today, as speculators enlarged positions, driven by firm trend in global markets.

Pick up in demand from alloy makers at spot markets also influenced the nickel futures prices.

At the Multi Commodity Exchange counter, nickel for December-month rose Rs 17.50, or 1.65 per cent, to Rs 1,077.50 per kg, with a business turnover of two lots.

Similarly, the metal for delivery in November-month moved up by Rs 10.60, or 1.00 per cent, to Rs 1,073.30 per kg in just one lot.

Analysts attributed the rise in nickel futures to fresh positions created by traders amid firming global trend.