Nickel rise 0.2% as demand picks up

A firming trend in base metals at the London Metal Exchange also supported the upside

Nickel prices gained 0.17% to Rs 1,151.50 per kg in the futures trade today as speculators enlarged positions, supported by rising demand from alloy-makers in the spot market.

Besides, a firming trend in base metals at the London Metal Exchange supported the upside.

At the Multi Commodity Exchange, nickel for delivery in September moved up by Rs 1.60, or 0.17%, to Rs 1,149.60 per kg in a business turnover of 446 lots.

In a similar fashion, the metal for delivery in October traded higher by Rs 1.60, or 0.14%, to Rs 1,157.60 per kg in 13 lots.

Analysts said speculators enlarged positions on rising demand from alloy-makers in the spot market and a firming trend in metals overseas, mainly influenced nickel prices at futures trade.