Spot demand lifts nickel futures, rises 0.80 pc

Supported by rising demand from alloy-makers in domestic spot markets and a firming trend in base metals overseas, nickel prices moved up by 0.80 per cent to Rs 593.60 per kg in futures trade today.
In futures trading, nickel for delivery in June moved up by Rs 4.70 or 0.80 per cent to Rs 593.60 per kg, in a business turnover of 7 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in May contracts traded higher by Rs 4.50 or 0.77 per cent to Rs 587 per kg in 576 lots.
Market analysts attributed the rise in nickel prices at futures trade to enlarging of positions by speculators, driven by rising demand from alloy-makers in the spot market and a better trend in metals at the London Metal Exchange (LME).

At the LME, nickel climbed 1.2 per cent after retreating 5.1 per cent on Monday.