Nickel futures marginally up as demand picks up

Nickel prices were up by 0.39 per cent to Rs 667.20 per kg in futures trading today as participants widened their bets, supported by uptick in demand from consuming industries in the spot market.
At the Multi Commodity Exchange, nickel for delivery in September month edged up by Rs 2.60, or 0.39 per cent to Rs 667.20 per kg in business turnover of 11,331 lots.
Similarly, the metal for delivery in October contracts traded higher by Rs 2, or 0.30 per cent to Rs 672.20 per kg in 119 lots.
Analysts attributed the rise in nickel futures to increasing of positions by traders due to pick up in demand from alloy-makers in the spot market mainly led to rise in nickel prices at futures trade.