ET reported that in range bound movements, nickel futures prices rose by 0.26% to INR 1,008.20 per kilogram as speculators created fresh positions, driven by a rising demand from alloy makers in the spot markets.

At the Multi Commodity Exchange, nickel for delivery in January 2012 rose by INR 2.60 or 0.26% to INR 1,008.20 per kilogram, with a business turnover of 1,783 lots.

In a similar fashion, the metal for delivery in February 2012 gained INR 2.50 or 0.25% to INR 1,013.80 per kilogram, in 192 lots.

Market analysts said that fresh positions built up by speculators on the back of a firming trend in the domestic spot markets due to a pick up in demand from alloy makers, helped nickel futures to trade higher.

(Sourced from www.economictimes.indiatimes.com)