Nickel up by 0.8% on rising demand

A firming trend overseas also helped support prices

Supported by rising demand from alloy-makers in domestic spot markets and a firming trend overseas, nickel prices moved up by 0.77% to Rs 670.20 per kg in futures trade today.

Nickel for delivery in September moved up by Rs 5.10 or 0.77% to Rs 663.30 per kg, in a business turnover of 1,414 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in October contracts traded higher by Rs 5.05 or 0.76% to Rs 670.25 per kg in 166 lots.

Market analysts attributed the rise in nickel prices at futures trade to enlarging of positions by speculators, driven by rising demand from alloy-makers in the spot market and a better trend in metals at the London Metal Exchange.