Nickel futures rise 0.89 pc as demand picks up

Nickel prices gained 0.89 percent to Rs 911.40 per kg in futures trade Wednesday as speculators built up positions, supported by rising demand from alloy-makers at the spot market amid positive global cues.

At the Multi Commodity Exchange, nickel for delivery in October moved up by Rs 8, or 0.89 percent, to Rs 911.40 per kg in a business turnover of six lots.

Metal for delivery in September too traded higher by Rs 7.90, or 0.88 percent, at Rs 906 per kg in a business turnover of 309 lots.

Analysts said speculators increased positions on a firming trend at the domestic spot markets on better demand from consuming industries, influencing nickel prices in futures trade.