Nickel rises 0.28 per cent on domestic demand

NEW DELHI: Nickel prices rose 0.28 per cent to Rs 1,116.30 per kg in futures trade today as participants enlarged speculative positions amid rising demand from alloy makers.

At the Multi Commodity Exchange, nickel for delivery in July rose Rs 3.10, or 0.28 per cent, to Rs 1,116.30 per kg in a business turnover of 22 lots.

The metal for delivery in June was up by Rs 1.80, or 0.16 per cent, to trade at Rs 1,110.40 per kg in 693 lots.

Market analysts said rising domestic demand mainly supported the upside in nickle prices at futures trade but the metal's weakness at the London Metal Exchange (LME) after stockpiles rose to a near record, limited the gains.

Meanwhile, nickel for delivery in three months fell 0.70 per cent to USD 18,650 a tonne at LME.