Nickel strengthens 0.2% on spot demand

Metal prices for delivery in March contracts traded higher by 0.16%

Nickel prices rose by 0.20% to Rs 895 per kg in futures trading today as speculators enlarged their positions, tracking a firm trend at spot market on pick up in demand from alloy-maker.

Besides, a firm trend in base metals at the London Metal Exchange also influenced prices.

At the Multi Commodity Exchange, Nickel for delivery in February rose by Rs 1.80, or 0.20%, to Rs 895 per kg in business turnover of 201 lots.

On the similar lines, the metal prices for delivery in March contracts traded higher by Rs 1.40, or 0.16%, to Rs 899.60 per kg in 164 lots.
 
Market analysts said besides increased buying by speculators on pick-up in demand from alloy-maker in the spot market, a firming trend in the base metals overseas mainly led to rise in nickel futures.