Nickel futures strengthen on firm domestic cues

Nickel prices rose by Rs 5.60 at Rs 1,179.10 per kg in futures trade on Friday as speculators raised their bets, driven by firm demand at the spot market.

On the Multi Commodity Exchange, Nickel for October delivery rose by Rs 5.60, or 0.49 per cent, at Rs 1,179.10 per kg in 7,490 lots.

Similarly, the metal for November delivery gained Rs 5.30, or 0.45 per cent, at Rs 1,173.60 per kg in 590 lots.

Analysts said raising of bets by participants largely on increased demand from alloy-makers at domestic market mainly influenced nickel futures here.