Nickel futures up by Rs 3.80 on spot demand

Nickel prices moved up by Rs 3.80 to Rs 744.90 per kg in futures market today as speculators raised their bets on the back of pick up in demand from consuming industries at the domestic spot markets.
However, a weak trend in metal at the London Metal Exchange (LME), capped the gains.
At the Multi Commodity Exchange, nickel for delivery in November gained Rs 3.80, or 0.51 per cent, to Rs 744.90 per kg, in a business turnover of 1,699 lots.
The metal for delivery in December rose by Rs 3.70, or 0.50 per cent, to trade at Rs 749.90 per kg in 69 lots.

Analysts said increased domestic demand from alloy-makers mainly supported the upside in nickel futures but a weak trend in base metals at the LME, limited the rise.
Globally, nickel for delivery in three-month fell 0.7 per cent to USD 11,610 per tonne.