Nickel up by 0.1% on spot demand

Buoyed by rising demand from alloy-makers in domestic spot markets, nickel futures traded a shade higher at Rs 569.30 per kg as speculators widened their positions even as base metals weakened overseas.

In restricted movements, nickel for delivery in February moved up by 70 paise, or 0.12%, to Rs 569.30 per kg, in a business turnover of 38 lots at Multi Commodity Exchange.

Similarly, the metal for delivery in current month traded higher by 50 paise, or 0.09%, to Rs 563.40 per kg in 605 lots.

Analysts attributed the rise in nickel prices to enlarging of exposure by speculators, driven by rising demand from alloy-makers in the spot market, but the metal's weakness at the London Metal Exchange (LME) limited the gains.