Nickel futures rise on firm spot demand

Nickel prices on Wednesday increased by 1.72 per cent to Rs 2,500 per kg in futures trade as speculators built up fresh positions amid rising demand from alloy makers in spot market.

On the Multi Commodity Exchange, nickel contracts for April delivery increased by Rs 42.30 or 1.72 per cent to Rs 2,500 per kg in a business turnover of 162 lots.

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