Nickel up by 1.5% on firm spot demand

Nickel prices were up 1.47% to Rs 586.30 per kg in futures market today after speculators widened their bets, tracking a firm trend in the spot market on increased demand from alloy makers and rise in base metals overseas.

At the Multi Commodity Exchange, nickel for delivery in January gained Rs 8.50 or 1.47% to Rs 586.30 per kg in a business turnover of 931 lots.

Similarly, the metal for delivery in February rose Rs 7.30 or 1.45% to Rs 591.80 per kg in 108 lots.

Analysts said that apart from increased domestic demand from alloy makers and other consuming industries, strength in base metals at the London Metal Exchange (LME) supported uptrend in nickel futures here.
 
Globally, nickel gained 1.4% to $8,670 per tonne in yesterday's trade.