Nickel moves up in futures trade on spot demand

Nickel prices rose by Rs 9.10 to Rs 980 per kg in futures trade today as speculators enlarged their positions,tracking a firm spot market trend on pick up in demand from alloy-makers.

At the Multi Commodity Exchange,nickel for delivery in September rose by Rs 9.10,or 0.94 per cent,to Rs 980 per kg,with a business turnover of 14,007 lots.

Similarly,the metal for delivery in October gained Rs 7.80,or 0.80 per cent,to Rs 985.40 per kg,with a business turnover of 11,588 lots.

Marketmen said a firming trend in the spot markets on the back of a rise in demand from alloy-makers,mainly pushed up nickel prices at futures market.