Nickel futures strengthen on spot demand

NEW DELHI: Amid increased demand from alloy- makers in the domestic spot market and a rebound in metals in Asian markets, nickel strengthened by 0.78 per cent to Rs 899.20 per kg in futures trade today.

At the Multi Commodity Exchange, nickel for delivery in July traded higher by Rs 7, or 0.78 per cent, to Rs 899.20 per kg, with a business turnover of 178 lots.

Likewise, the metal for delivery in June edged higher by Rs 6.70, or 0.76 per cent, to Rs 889.50 per kg in 1,827 lots.

Analysts said increased demand from alloy-makers in the spot market amid rebound in copper and other base metals at Shanghai Futures Exchange, mainly led to a rise in nickel prices at futures market.