Nickel up by 0.7% aided by spot demand

Nickel prices gained 0.69% to Rs 567.50 per kg in futures trade today as participants widened their bets, driven by pick up in demand in the spot market amid a better global cues.

At Multi Commodity Exchange, nickel for delivery in February month rose by Rs 3.90, or 0.69% to Rs 567.50 per kg in business turnover of 1511 lots.

On similar lines, the metal for delivery in far-month March contracts traded higher by Rs 3.50, or 0.62% to Rs 572.50 per kg in 72 lots.

Analysts attributed rise in nickel futures to widening of positions by traders on the back of pick up in demand from alloy-makers in the spot market and a firming trend in base metals overseas.