Upsurge in demand lifts nickel futures by 1.88%

Supported by pick up in demand in the domestic spot market, nickel prices moved up by 1.88 per cent to Rs 871.40 per kg in futures market today as speculators built up fresh positions.
Besides, a firm trend in select base metals at the London Metal Exchange (LME) influenced nickel prices here.
At the Multi Commodity Exchange, nickel for delivery in the current month went up by Rs 16.10, or 1.88 per cent, to Rs 871.40 per kg in business turnover of 1,260 lots.
Similarly, the metal for delivery in March contracts gained Rs 15.80, or 1.84 per cent, to Rs 875 per kg in 31 lots.

Analysts said besides pick up in spot demand, a firm trend at the LME, led to the rise in nickel prices in futures trade as speculators created positions.