Nickel futures rise on firm spot demand

Nickel prices on Monday increased by 3.97 per cent to Rs 2,516 per kilogram in the 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 May delivery increased by Rs 96 or 3.97 per cent to Rs 2,516 per kg in a business turnover of 2 lots.

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