Nickel up 0.3% on spot demand

Metal for delivery in February gained 1.02%

Nickel prices moved up by 1.02% to Rs 837.90 per kg in the futures market today as speculators enlarged their positions, tracking a firming trend in spot market on increased demand from alloy-makers.

Besides, an encouraging trend in copper and other base metals in the global markets supported the upside.

At the Multi Commodity Exchange, nickel for delivery in February gained Rs 9, or 1.02%, to Rs 887.90 per kg in business turnover of 2,690 lots.

The metal for delivery in March rose by Rs 8.50, or 0.96%, to trade at Rs 825.40 per kg in 114 lots.

Market analysts said apart from increased domestic demand from alloy-makers, firmness in base metals overseas influenced nickel futures here.