Nickel up by 1.3% on firm spot demand

Nickel prices moved up by 1.30% to Rs 678.20 per kg in futures market today after speculators widened bets, tracking a firm trend in the spot market on increased demand from alloy makers.

At Multi Commodity Exchange, nickel for delivery in November gained Rs 8.70, or 1.30%, to Rs 678.20 per kg in a business turnover of 116 lots.

In a similar manner, the metal for delivery in October rose Rs 8.30, or 1.28%, to Rs 671.30 per kg in 2,581 lots.

Analysts said apart from increased domestic demand from alloy makers and other consuming industries, strength in base metals at the London Metal Exchange, influenced nickel futures here.