Nickel futures up on domestic demand

Nickel prices edged up by Rs 3.50 to Rs 1,231.30 per kg in futures trade on Thursday as investors raised their positions driven by firm demand from alloy-makers in the spot market.

On the Multi Commodity Exchange, nickel contracts for September delivery gained Rs 3.50, or 0.29 per cent, to Rs 1,231.30 per kg in a business turnover of 4,965 lots.

Similarly, the metal for delivery in October traded up by Rs 4.40, or 0.36 per cent, at Rs 1,229.20 per kg in a business turnover of 378 lots.

Increase in demand at spot markets from alloy-makers supported price rise in nickel futures, analysts said.