Nickel futures gain 1.01 pc on spot demand, global cues

Nickel prices were up by 1.01 per cent to Rs 703.40 per kg in futures market today as speculators widened their bets, driven by pick up in demand in the spot market amid firm global trend.
At the Multi Commodity Exchange, nickel for delivery in July month went up by Rs 7, or 1.01 per cent to Rs 703.40 per kg in business turnover of 1450 lots.
Likewise, the metal for delivery in far-month August contracts gained Rs 6.80, or 0.97 per cent to Rs 709.60 per kg in 152 lots.
Analysts attributed rise in nickel futures to building-up of positions by participants due to pick up in demand from alloy- makers in the spot market and a firm global cues.

Meanwhile, nickel for delivery in three-month traded higher by 0.9 per cent on the London Metal Exchange.