Upsurge in demand lifts nickel futures by 0.56%

Nickel futures edged higher by 0.56 per cent to Rs 686.80 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 current month rose by Rs 3.80, or 0.56 per cent, to Rs 686.80 per kg, in a business turnover of 702 lots.
Similarly, the metal for delivery in September edged up by Rs 3.50, or 0.51 per cent, to Rs 691.40 per kg in 18 lots.
Analysts said fresh positions created by traders due to pick up in demand from alloy-makers at the domestic spot market mainly influenced nickel prices at futures trade.