Nickel futures marginally up on firm demand

NEW DELHI: Nickel prices moved up by 3,60, or 0.35 per cent to Rs 830.90 per kg in futures market on Thursday as speculators enlarged positions, tracking a firming trend in spot market on good demand from alloy-makers but weak overseas cues, limtied the gains.

At the Multi Commodity Exchange, nickel for delivery in August gained Rs 3.60, or 0.35 per cent, to Rs 830.90 per kg in business turnover of 130 lots.

In a similar fashion, the metal for delivery in September rose marginally by 70 paise, or 0.07 per cent, to Rs 840.50 per kg in 3 lots.

In the international market, nckel dropped 0.6 per cent to $ 13,893 a tonne at the London Metal Exchange.

Market analysts said increased demand from domestic alloy- makers mainly helped nickel futures to trade higher but weakness in the base metals at the LME, restricted the grains.