Nickel futures marginally up on spot demand

Nickel futures traded a shade higher at Rs 700.90 per kg today as speculators enlarged positions on rising demand from alloy-makers at the domestic market.
However, a weak trend in metal at the London Metal Exchange (LME), restricted gains.
At the Multi Commodity Exchange, nickel for delivery in August traded higher by 30 paise, or 0.04 per cent, to Rs 700.90 per kg, in a business turnover of 159 lots.
Similarly, the metal for delivery this month up by 20 paise, or 0.03 per cent, to Rs 694.50 per kg in 1,014 lots.
Globally, nickel fell 1.2 per cent, to UDD 10.350 per tonne at the LME.

Market analysts attributed the rise in nickel futures to rising demand from domestic consuming industries, particularly, alloy-makers.