Nickel futures rise 0.53% on pick up in demand

Nickel prices moved up 0.53 per cent to Rs 814.70 per kg in futures trade today as participants widened bets, driven by pick up in demand at the spot market amid firm global cues.

At the Multi Commodity Exchange, nickel for delivery in February rose Rs 4.30, or 0.53 per cent, to Rs 814.70 per kg in a business turnover of 2 lots.

Likewise, the metal for delivery in January contracts traded higher by Rs 3.60, or 0.45 per cent, to Rs 809.30 per kg in 421 lots.

Analysts attributed the rise in nickel futures to widening of positions by speculators driven by pick up in demand from alloy-makers in the spot market and a firming trend in base metals overseas.