Nickel futures rise on firm spot demand

Nickel prices rose by 1.29 per cent to Rs 1,263.50 per kg in futures trade on Wednesday as speculators built fresh positions on rising demand from alloy makers in the spot market.

On the Multi Commodity Exchange, nickel contracts for April delivery gained Rs 16.10, or 1.29 per cent, to Rs 1,263.50 per kg in a business turnover of 1,665 lots.

Rise in demand in the spot market from alloy makers mainly supported the price rise in nickel futures, analysts said.