Nickel futures gain 0.67% on spot demand

Amid pick up in demand from consuming industries at the domestic spot markets, nickel prices were higher 0.67 per cent to Rs 596.70 per kg in futures trade today as participants enlarged their bets.
At the Multi Commodity Exchange, nickel for delivery in June moved up by Rs 4, or 0.67 per cent, to Rs 596.70 per kg, in a business turnover of 76 lots.
Likewise, the metal for delivery in current month traded higher by Rs 3.60, or 0.61 per cent, to Rs 590.70 per kg in 1,342 lots.
Analysts said widening of positions by participants, tracking a firm trend at the spot market on the back of pick up in demand from alloy-makers, mainly attributed the rise in nickel prices at futures trade.