Nickel up by 0.7% on spot demand

A firming trend overseas also influenced prices

Supported by rising demand from alloy-makers in domestic spot markets and a firming trend overseas, nickel prices moved up by 0.69% to Rs 598 per kg in futures trade today.

Nickel for delivery in December moved up by Rs 4.10 or 0.69% to Rs 598 per kg, in a business turnover of 418 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in far-month January contracts traded higher by Rs 3.80 or 0.63% to Rs 604.40 per kg in 11 lots.

Market analysts attributed the rise in nickel prices at futures trade to speculators raising their bets, driven by rising demand from alloy-makers in the spot market and a better trend in metals at the London Metal Exchange.