Nickel rises on spot demand

Nickel prices rose by 0.40% to Rs 980.40 per kg in futures trade today supported by rising demand at spot markets from alloy makers and a firming trend in base metals in the global markets.

At the Multi Commodity Exchange, January nickel up by Rs 3.90, or 0.40%, to Rs 980.40 per kg, with a business turnover of 152 lots.

The December delivery traded higher by Rs 3.70, or 0.38%, to Rs 974.10 per kg, with a turnover of 1,885 lots.

Marketmen said the rise in nickel prices at futures trade was mostly on the back of increased demand at spot markets from alloy makers and a firming trend in base metals at the London Metal Exchange on the back of positive Chinese economic data.