Nickle up by 0.9% on pick up in demand

Nickel prices went up by 0.86% to Rs 608.50 per kg in futures trade today as speculators widened their positions, driven by pick up in demand at the domestic spot markets even as metal weakened overseas.

In futures trading at the Multi Commodity Exchange, nickel for delivery in July spurted Rs 5.20 or 0.86% to Rs 608.50 per kg in a business turnover of 49 lots.

Similarly, the metal for delivery in current month was trading higher by Rs 4.90 or 0.82% to Rs 602.30 per kg in 1,720 lots.

Analysts said rising demand from alloy-makers at domestic spot markets, mainly supported the upside in nickel prices at futures trade here but metal's weakness at the London Metal Exchange (LME) in yesterday's trade capped the gains.