Nickel up by 0.9% on firm domestic demand

Nickel prices rose by 0.86% to Rs 705.70 per kg in futures market today as speculators enlarged bets tracking a firming trend overseas amid rising demand from alloy makers in the spot market.

Nickel for delivery in September contracts gained Rs 6, or 0.86%, to Rs 705.70 per kg in a business turnover of 4 lots at Multi Commodity Exchange.

In a similar manner, the metal for delivery this month rose Rs 5.70, or 0.82%, to Rs 698 per kg in 947 lots.

Analysts said besides increased domestic demand from alloy makers and other consuming industries, a firming trend in the base metal pack at the London Metal Exchange influenced nickel futures here.