Nickel futures advance on spot demand

Nickel prices moved up by Rs 1.10 to Rs 1,252.60 per kg in futures trade on Friday as speculators increased their positions, driven by firm demand from alloy makers in the spot market.

On the Multi Commodity Exchange, nickel contracts for September delivery gained Rs 1.10, or 0.09 per cent, to Rs 1,252.60 per kg in a business turnover of 356 lots.

Similarly, the metal for October delivery traded up Rs 5.20, or 0.42 per cent, at Rs 1,229.60 per kg in a business turnover of 5,583 lots.

Analysts attributed the rise in nickel prices to higher demand from alloy makers at the spot market.