Nickel rises by 0.8% on domestic demand

Nickel prices rose 0.76% to Rs 1,020.10 per kg in futures trade today as participants enlarged speculative positions amid a firming trend in base metals overseas and increased demand from alloy-makers at domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in November rose by Rs 7.70, or 0.76%, to Rs 1,020.10 per kg in a business turnover of 804 lots.

The metal for delivery in December was up by Rs 7.10, or 0.70%, to trade at Rs 1,026 per kg in 28 lots.

Market analysts said apart from rising demand from alloy-makers at domestic markets, a firming trend in base metals at the London Metal Exchange (LME) in response to China's interest-rate cut, influenced nickel prices at futures trade here.