Nickel advances in futures trade on spot demand

Nickel prices rose by Rs 5.30 to Rs 848.90 per kg in futures trade today as speculators enlarged positions supported by increased demand from alloy makers even as metal weakened at the London Metal Exchange.
At the Multi Commodity Exchange, nickel for delivery in April traded higher by Rs 4.30 or 0.51 per cent to Rs 848.90 per kg in a business turnover of 509 lots.
Also, metal for delivery in May traded higher by Rs 4.20 or 0.49 per cent to Rs 855.80 per kg in 78 lots.
Analysts attributed the rise in nickel futures to a firm trend at the domestic spot markets on the back of increased demand from alloy-makers but metal's weakness overseas, capped the gains.