Spot demand lifts nickel futures by 0.60 pc

Supported by pick-up in demand at domestic spot market, nickel prices moved up by 0.60 per cent to Rs 601.50 per kg in futures market today as speculators built up fresh positions.
At the Multi Commodity Exchange, nickel for delivery in August rose by Rs 3.60, or 0.60 per cent, to Rs 601.50 per kg in a business turnover of 28 lots.
In a similar fashion, the metal for delivery in July went up by Rs 3.20, or 0.54 per cent, to Rs 596.20 per kg in 553 lots.
Analysts said, speculators created fresh positions, taking positive cues from spot market due to pick up in demand from alloy-makers, which led to the rise in nickel prices at futures trade.