Nickel up 0.58% on spot demand

Firm overseas trend influences prices

Nickel prices moved up by Rs 5.60 to Rs 972.30 per kg in futures trade today as speculators enlarged their positions on the back of pick up in demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in September moved up by Rs 5.60, or 0.58%, to Rs 972.30 per kg in a business turnover of 4,717 lots.

October nickel traded higher by Rs 4.70, or 0.48%, to Rs 978.70 per kg in 605 lots.

Marketmen said besides pick up in demand from alloy-makers in the domestic spot markets, a firming trend in global markets pushed up nickel prices at futures market.