Nickel futures gain 0.16% on rising demand

Nickel prices advanced by 0.16 per cent to Rs 729 per kg in futures trading today as traders widened bets, driven by rising demand at the spot market.
At the Multi Commodity Exchange, nickel for delivery in March rose by Rs 1.20, or 0.16 per cent, to Rs 729 per kg in business turnover of 53 lots.
Similarly, the metal for delivery in current month contracts moved up by 50 paise, or 0.07 per cent, to Rs 722 per kg in 1,342 lots.
Analysts attributed the rise in nickel futures to widening of positions by speculators on the back of surging demand from alloy-makers in the spot market.