Nickel up by 0.3% on spot demand

Nickel prices moved up by 0.36% to Rs 898.80 per kg in futures market today after speculators enlarged their position on the back of increased demand in spot market from alloy-makers amid a firming trend in base metals oversees.

At the Multi Commodity Exchange, nickel for delivery in March gained Rs 3.70, or 0.36%, to Rs 898.80 per kg in business turnover of 12 lots.

In a similar fashion, the metal for delivery in current month rose by Rs 3.10, or 0.35%, to Rs 891 per kg in 405 lots.

Market analysts said apart from increased domestic demand from alloy-makers, a firming trend in base metals overseas, supported the upside in nickel futures prices here.