Nickel futures advance on firm demand

Nickel prices strengthened by Rs 1.90 to Rs 1,267.40 per kg in futures trade on Monday as investors raised their positions driven by a firm demand from alloy-makers at the spot market.

On the Multi Commodity Exchange, nickel contracts for October delivery gained Rs 1.90, or 0.15 per cent, to Rs 1,267.40 per kg in a business turnover of 5,094 lots.

Similarly, the metal for delivery in November traded up by Rs 3, or 0.24 per cent, at Rs 1,257.50 per kg in a business turnover of 164 lots.

Increase in demand at spot market from alloy-makers supported price rise in nickel futures, analysts said.