Local demand lifts nickel futures by Rs 3.40 per kg

Nickel prices were up by Rs 3.40 at Rs 626.90 per kg in futures trade today as speculators raised their bets, driven by rising demand at the domestic spot markets.
Nickel to be delivered in August contracts rose by Rs 3.40, or 0.55 per cent, to Rs 626.90 per kg at Multi Commodity Exchange in a business turnover of 174 lots.
The metal for delivery in July was trading higher by Rs 2.90, or 0.47 per cent, at Rs 621.90 in 975 lots.
Analysts said the rise in nickel prices in futures trade was mostly attributed to strong demand from alloy-makers at the domestic spot market.