Nickel up by 0.4% aided by spot demand

Nickel prices were up by Rs 2.60 to Rs 628.80 per kg in futures market today as speculators enlarged bets amid a firming trend overseas and spot demand.

At Multi Commodity Exchange, nickel for delivery in the current month gained Rs 2.60, or 0.42%, to Rs 628.80 per kg in a business turnover of 23 lots.

The metal for delivery in December rose Rs 2.50, or 0.41%, to Rs 634.70 per kg in 23 lots.

Marketmen said that apart from increased domestic demand from alloy-makers, firmness in select base metals at the London Metal Exchange (LME) influenced nickel prices in futures trade.