Nickel futures rise on firm demand

Nickel prices on Tuesday rose by 0.22 per cent to Rs 969 per kg in futures trade as speculators built fresh positions on rising demand from alloy makers in spot market.

On the Multi Commodity Exchange, nickel contracts for June delivery gained Rs 2.10, or 0.22 per cent, to Rs 969 per kg in a business turnover of 36 lots.

The metal for July delivery traded higher by Rs 2.50, or 0.26 per cent, at Rs 978.40 per kg in a business turnover of 1,591 lots.

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