Nickel rises by 1.1% on spot demand

Taking positive cues from global market and rising demand from domestic alloy-makers, nickel futures climbed 1.13% to Rs 737 per kg today.

At the Multi Commodity Exchange, nickel for delivery in current month contracts rose by Rs 8.20, or 1.13%, to Rs 737 per kg in a business turnover of 2,801 lots.

Metal for delivery in August was also trading higher by Rs 8.20, or 1.11%, at Rs 744.30 per kg in 161 lots.

Analysts said besides rising spot demand, a firming trend at the London Metal Exchange (LME), also boosted prices.

Meanwhile, nickel for delivery in three months at the LME rose 0.7% to $11,580 per tonne. The metal rose 4.9% yesterday, posting the biggest two-day rally since 2012.