Nickel futures gain 1 pc on spot demand

Nickel prices Monday shot up by 1 per cent to Rs 766.50 per kg in futures trading as speculators built up fresh positions after demand from alloy makers picked up amid a firm trend overseas.

At the Multi Commodity Exchange, nickel for delivery in the current month was trading higher by Rs 7.60, or 1 per cent, to Rs 766.50 per kg in a business turnover of 1,577 lots.

Analysts said fresh positions created by traders after firm demand from alloy-makers at the physical market amid a better trend overseas strengthened nickel prices in futures trade here.