Nickel futures rise 0.41% on spot demand

Nickel prices were up by 0.41 per cent to Rs 631 per kg in futures market today as speculators raised their bets amid a firming trend at the spot market on pick up in demand.
At the Multi Commodity Exchange, nickel for delivery this month was trading higher by Rs 2.60, or 0.41 per cent, to Rs 631 per kg, in a business turnover of 1,468 lots.
The metal for delivery in May also rose by a similar margin to trade at Rs 637.40 per kg in 57 lots.
Analysts said widening of bets by speculators following increased domestic demand from alloy-makers at the domestic spot markets mainly supported the upside in nickel prices at the futures trade.