 "Nickel futures rise by Rs 8.10 on spot demand")
Nickel prices were up by Rs 8.10 to Rs 708.10 per kg in futures market on Thursday as speculators raised their bets amid a firming trend at domestic market on the back of increased demand from alloy-makers.
However, a weak trend in the metal on the London Metal Exchange (LME), restricted gains.
At the Multi Commodity Exchange, nickel for delivery in August was trading notably higher by Rs 8.10, or 1.16%, to Rs 708.10 per kg, in a business turnover of 519 lots.
Analysts said increased domestic demand from alloy-makers at the domestic spot markets, supported the upside in nickel prices at the futures trade but weakness in metal overseas on demand concerns, capped the gains.
Globally, nickel for delivery in three months fell 1.2% to settle at USD 10,350 per tonne yesterday at the LME.
However, a weak trend in the metal on the London Metal Exchange (LME), restricted gains.
At the Multi Commodity Exchange, nickel for delivery in August was trading notably higher by Rs 8.10, or 1.16%, to Rs 708.10 per kg, in a business turnover of 519 lots.
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The metal for delivery in current month rose by Rs 7.60, or 1.10%, to trade at Rs 701.60 per kg in 1,975 lots.
Analysts said increased domestic demand from alloy-makers at the domestic spot markets, supported the upside in nickel prices at the futures trade but weakness in metal overseas on demand concerns, capped the gains.
Globally, nickel for delivery in three months fell 1.2% to settle at USD 10,350 per tonne yesterday at the LME.