Nickel futures rise 0.28 pc as demand picks up

Nickel prices gained 0.28 per cent to Rs 614.50 per kg in futures trade today as speculators built up positions, supported by rising demand from alloy-makers in the spot market.
At the Multi Commodity Exchange, nickel for delivery in current month moved up by Rs 1.70, or 0.28 per cent, to Rs 614.50 per kg in a business turnover of 2,918 lots.
Similarly, the metal for May delivery traded higher by Rs 1.40, or 0.23 per cent, to Rs 620.60 per kg in a business turnover of 804 lots.
Analysts said, speculators enlarged positions on a firming trend at the domestic spot markets on better demand from consuming industries, which mainly supported the upside in nickel prices in futures trade.