Upsurge in demand lifts nickel futures by 0.35%

Supported by pick up in demand at domestic spot market, nickel prices moved up by 0.35 per cent to Rs 579.40 per kg in futures market today as speculators built up fresh positions.
At the Multi Commodity Exchange, nickel for delivery in July went up by Rs 2, or 0.35 per cent to Rs 579.40 per kg in business turnover of 86 lots.
On similar lines, the metal for delivery in June contracts gained Rs 1.70, or 0.30 per cent to Rs 573.80 per kg in 859 lots.
Analysts said speculators created fresh positions, taking positive cues from spot market following pick up in demand from alloy-makers, led to the rise in nickel prices at futures trade.