Nickel futures rise 0.60 pc on spot demand

Nickel prices rose 0.60 per cent to Rs 585.50 per kg in futures trading today as participants raised their bets amid pick up in industrial demand at the domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in May month went up by Rs 3.50, or 0.60 per cent to Rs 585.50 per kg in business turnover of 947 lots.
Similarly, the metal for delivery in June month contracts traded higher by Rs 3.10, or 0.53 per cent to Rs 591.20 per kg in 593 lots.
Analysts said widening of positions by traders on the back of pick up in demand from alloy-makers in the spot market supported nickel prices at futures trade.