Nickel futures up 0.86 per cent, firm domestic demand helps

NEW DELHI: Nickel prices rose by 0.86 per cent to Rs 705.70 per kg in futures market today as speculators enlarged bets tracking a firming trend overseas amid rising demand from alloy makers in the spot market.

Nickel for delivery in September contracts gained Rs 6, or 0.86 per cent, to Rs 705.70 per kg in a business turnover of 4 lots at Multi Commodity Exchange.

In a similar manner, the metal for delivery this month rose Rs 5.70, or 0.82 per cent, to Rs 698 per kg in 947 lots.

Analysts said besides increased domestic demand from alloy makers and other consuming industries, a firming trend in the base metal pack at the London Metal Exchange influenced nickel futures here.