Nickel prices rise 0.26% in futures trade as demand picks up

Nickel prices gained 0.26 per cent to Rs 612.50 per kg in futures trade today as speculators built up positions, supported by rising demand from alloy-makers in the spot market even as base metals retreated overseas.
At the Multi Commodity Exchange, nickel for delivery in May moved up by Rs 1.60, or 0.26 per cent, to Rs 612.50 per kg in a business turnover of 199 lots.
Similarly, the metal for delivery in April traded higher by Rs 1.50, or 0.25 per cent, to Rs 606.40 per kg in a business turnover of 1,759 lots.
Analysts said, speculators enlarged positions due to firming trend at the domestic spot markets and better demand from consuming industries, mainly influenced nickel prices in futures trade.