Nickel futures gain 0.44% on spot demand, short-covering

Supported by increased demand from consuming industries at the domestic spot markets, nickel prices traded higher 0.44 per cent to Rs 587.30 per kg in futures trade today.
Moreover, covering-up of short positions on the last day of May expiry, supported the upside.
At the Multi Commodity Exchange, nickel for delivery in May moved up by Rs 2.60, or 0.44 per cent, to Rs 587.30 per kg in a business turnover of 1,507 lots.
Likewise, the metal for delivery in June traded higher by Rs 2.50 or 0.42 per cent to Rs 593.20 per kg in 739 lots.
Analysts said apart from pick-up in demand from alloy- makers in the spot market, covering-up of short positions by speculators, mainly led to the rise in nickel prices in futures trade.