Nickel futures up 0.74% on spot demand

NEW DELHI, Sept 23: Nickel prices gained 0.74 per cent to Rs 639.50 per kg in futures market today as traders enlarged positions amid a firming trend in the spot market on increased demand from alloy makers.

However, a weak trend in select base metals overseas capped the gains.

At the Multi Commodity Exchange, nickel for delivery this month gained Rs 4.70, or 0.74 per cent, to Rs 639.50 per kg in a business turnover of 888 lots.

Similarly, the metal for delivery in October rose by Rs 5.30, or 0.70 per cent, to Rs 646 per kg in 61 lots.

Analysts said besides rising demand from alloy makers at domestic spot markets, covering-up of short positions by speculators also influenced nickel futures here. (PTI)

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