Nickel up 0.1% on increased demand

Metal for delivery in April contract edged up by 0.16%

Nickel remained higher for the second straight day as prices rose 0.19% to Rs 947.70 per kg in futures trading today as speculators enlarged positions, tracking a firm trend at spot market on increased demand from alloy-makers.

Further, a rising trend in copper and other base metals overseas also influenced prices.

At the Multi Commodity Exchange, nickel for delivery in March rose by Rs 1.80, or 0.19% to Rs 947.70 per kg in business turnover of 819 lots.

Similarly, the metal for delivery in April contract edged up by Rs 1.50, or 0.16% to Rs 953.50 per kg in 171 lots.
 
Analysts said the rise in nickel prices at futures trade was mostly attributed to positions enlarged by speculators, tracking a firm trend at spot market on increased demand from alloy-makers and gains in copper and other base metals at the London Metal Exchange.