Nickel moves up by 0.8% on spot demand

Nickel prices moved up by 0.78% to Rs 814.40 per kg in futures trade today as speculators enlarged their positions driven by rising demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in April gained Rs 6.30, or 0.78%, to Rs 814.40 per kg in a business turnover of 547 lots.

Similarly, the metal for delivery in May moved up by Rs 5.60, or 0.69%, to Rs 821.10 per kg in 12 lots.

Analysts said that besides rising demand from alloy- makers in the spot market, influenced nickel prices at futures trade but absence of cues from the London Metal Exchange that is closed today, limited the gains.