Nickel moves up in futures trade on rising spot demand

Supported by rising demand from alloy-makers at domestic spot markets, nickel prices moved up by 0.31 per cent to Rs 908.20 per kg in futures trade today as speculators enlarged their positions.
At the Multi Commodity Exchange, nickel for delivery in January moved up by Rs 2.80, or 0.31 per cent to Rs 908.20 per kg in business turnover of 1405 lots.
In a similar fashion, the metal for delivery in February traded higher by Rs 2.50, or 0.27 per cent to Rs 914 per kg in 181 lots.
Market analysts attributed the rise in nickel prices at futures trade to speculators enlarged their positions, driven by rising demand from alloy-maker in the spot market.