Nickel up by 0.3% on firm demand

Nickel prices moved up by 0.29% to Rs 997.80 per kg in futures trade today after speculators enlarged positions, tracking a firming trend in spot market on increased demand from alloy-makers.

Besides, an encouraging trend in copper and other base metals in the global markets supported the upside.

At the Multi Commodity Exchange, nickel for delivery in January gained Rs 2.90, or 0.29%, to Rs 997.80 per kg in business turnover of 10 lots.

In a similar manner, the metal for delivery in current month rose by Rs 1.40, or 0.14%, to Rs 990.60 per kg in 292 lots.

Market analysts said apart from increased domestic demand from alloy-makers, firmness in select base metals overseas at the London Metal Exchange (LME) influenced nickel futures here.