Nickel futures rise 0.28% as demand picks up

NEW DELHI: Nickel prices moved up by 0.28 per cent to Rs 1,161.70 per kg in futures trading today after speculators enlarged positions, tracking a firm trend at spot market on rising demand from alloy-makers.

However, metal weakened at the London Metal Exchange (LME).

At the Multi Commodity Exchange, nickel for delivery in July rose by Rs 3.20, or 0.28 per cent to Rs 1,161.70 per kg in business turnover of 3448 lots.

Similarly, the metal for delivery in August contract edged up by Rs 2.20, or 0.19 per cent to Rs 1,168.20 per kg in 114 lots.

Analysts attributed the rise in nickel futures to a firm trend at spot market on increased demand from alloy-makers but metal's weakness at the LME, capped the gains.