Nickel futures up 0.40 pc on spot demand

Nickel prices moved up by 0.40 per cent to Rs 886.30 per kg in futures market today after speculators enlarged position on the back of increased demand in spot market from alloy-makers even as metal weakened globally.
At the Multi Commodity Exchange, nickel for delivery in February gained Rs 3.50, or 0.40 per cent, to Rs 886.30 per kg in business turnover of 810 lots.
In a similar fashion, the metal for delivery in March rose by Rs 3.50, or 0.39 per cent, to Rs 891.80 per kg in 347 lots.
Market analysts said increased domestic demand from alloy- makers mainly influenced nickel futures prices but metal's weakness overseas restricted the gains.