Upsurge in demand lifts nickel futures by 0.42%

Nickel futures edged higher by 0.42 per cent to Rs 666.60 per kg in futures trade today as participants built up fresh positions, driven by uptick in demand from consuming industries at the spot market.
At the Multi Commodity Exchange, nickel for delivery in September rose by Rs 2.80, or 0.42 per cent to Rs 666.60 per kg in a business turnover of 431 lots.
Similarly, the metal for delivery in August contracts edged up by Rs 2.50, or 0.38 per cent to Rs 659.30 per kg in 2,238 lots.
Analysts said fresh positions created by traders due to pick-up in demand from alloy-makers at the spot market mainly influenced nickel prices at futures trade.