Nickel futures rise on fresh bets

Nickel prices on Tuesday edged up by Rs 1.20 to Rs 1,062.90 per kg in futures trade as speculators built their positions owing to rising demand from alloy-makers at spot market.

On the Multi Commodity Exchange, nickel contracts for December delivery gained Rs 1.20, or 0.10 per cent, to Rs 1,062.90 per kg in a business turnover of 2,010 lots.

Similarly, the metal for delivery in January traded up by Rs 1.20 , or 0.11 per cent, at Rs 1,059.70 per kg in a business turnover of 8 lots.

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