Nickel futures rise 0.28% aided by spot demand

Nickel prices gained 0.28 per cent to Rs 604.20 per kg in futures trade today as participants widened their bets driven by pick up in demand at spot markets.
At the Multi Commodity Exchange, nickel for delivery in current month was trading higher by Rs 1.70, or 0.28 per cent to Rs 604.20 per kg in business turnover of 786 lots.
On similar lines, the metal for delivery in June traded higher by Rs 1.60, or 0.26 per cent, to Rs 609.90 per kg in 118 lots.
Analysts attributed the rise in nickel futures to widening of positions by traders on the back of pick up in demand from alloy-makers in the spot market.