Nickel up 0.89 per cent in futures trade

In a restricted activity, nickel futures was trading higher by 0.89 per cent at Rs 695.10 per kg on the first trading day of 2017 as speculators built up fresh position amid rising demand at domestic spot markets from alloy-makers.
At Multi Commodity Exchange, nickel for delivery in February contracts rose Rs 6.10, or 0.89 per cent, to Rs 695.10 per kg in business turnover of four lots.
Metal for delivery in January was up Rs 5.60, or 0.82 per cent, to Rs 689 per kg in 566 lots.
Market analysts said a firming trend at the physical markets on the back of increased demand from alloy-makers mainly supported the upside in nickel prices in futures trade here but absence of global cues, limited the gains.