Nickel futures gain 1.76% on increased demand

Amid pick-up in demand from alloy-makers in domestic spot markets, nickel prices went up higher by 1.76 per cent to Rs 803.40 per kg in futures trading today as participants increased their bets.
At the Multi Commodity Exchange, nickel for delivery in November rose by Rs 13.90, or 1.76 per cent, to Rs 803.40 per kg in a business turnover of 2,222 lots.
The metal for delivery in far-month December contracts ruled higher by Rs 13.30, or 1.67 per cent, to Rs 808 per kg of 49 lots.
Analysts said expanding of positions by traders following hardening of demand from alloy makers in the spot market was instrumental in rise in nickel prices.