Nickel futures rise on firm spot demand

Nickel prices increased by 2.56 per cent to Rs 1,508 per kg in the futures trade on Friday as speculators built up fresh positions amid rising demand from alloy makers in the spot market.

On the Multi Commodity Exchange, nickel contracts for the September delivery gained Rs 37.70, or 2.56 per cent, to Rs 1,508 per kg in a business turnover of 1,469 lots.

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