Nickel up 0.1% as demand picks up

A firming trend in metal overseas also helped prices

Amid pick-up in demand from alloy-makers at domestic spot markets and a firming trend in metal overseas, nickel prices recovered 0.15% to Rs 586.40 per kg in futures trade today as speculators raised their bets.

At the Multi Commodity Exchange, nickel for delivery in April moved up 90 paise, or 0.15%, to Rs 586.40 per kg

Read more from our special coverage on "NICKEL PRICES"

• Nickel up by 0.2% on spot demand, global cues
• Nickel falls by over 2% on weak global cues
• Nickel up by 0.3% on firm demand

In a business turnover of 57 lots.

The metal for delivery in current month rose by 60 paise, or 0.14% to trade at Rs 577.20 per kg in 209 lots.

Analysts attributed the rise in nickel prices in futures trade to fresh buying by participants due to pick-up in demand from alloy-makers at the spot market and a firming trend in in metal at the London Metal Exchange(LME).