Nickel futures rise on firm spot demand

Nickel prices edged up by Rs 8.80 to Rs 1,225.60 per kg in futures trade on Tuesday as speculators built their positions owing to rising demand from alloy-makers in the spot market.

On the Multi Commodity Exchange, nickel contracts for October delivery gained Rs 8.80, or 0.72 per cent, to Rs 1,225.60 per kg in a business turnover of 5,957 lots.

Similarly, the metal for delivery in November traded up by Rs 9.10, or 0.75 per cent, at Rs 1,224 per kg in a business turnover of 214 lots.

Rising demand at spot market from alloy-makers supported price rise in nickel futures, analysts said.