Nickel futures rise 0.29% as demand picks up

Nickel prices gained 0.29 per cent to Rs 691.60 per kg in futures trade today as speculators built up positions, supported by rising demand from alloy- makers at the spot market.

At the Multi Commodity Exchange, nickel for delivery in September moved up by Rs 2, or 0.29 per cent, to Rs 691.60 per kg, in a business turnover of 947 lots.

Metal for delivery in October too traded higher by a similar margin to quote at Rs 698.10 in a business turnover of 80 lots.

Analysts said speculators enlarging positions on a firming trend at the domestic spot markets on better demand from consuming industries, mainly influenced nickel prices in futures trade.