Nickel moves up by 1.2% in trade on spot demand

Nickel prices rose by INR 8.90 to INR 858 per kg in futures trading today as speculators created fresh positions on the back of a rise in demand from alloy makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in August rose by INR 8.90 or 1.05% to INR 858 per kg in business turnover of 3,095 lots.

Similarly, nickel for delivery in September gained INR 8.10, or 0.95% to INR 864.70 per kg in 119 lots.

Market analysts said fresh positions built-up by speculators amid rising demand from alloy-makers in the spot market mainly pushed up nickel prices at futures trade.

They said, however, a weakening trend overseas as output from the services industry shrank in Europe, capped the gains.

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