Nickel futures recover 0.25% as demand picks up

Amid pick-up in demand from alloy-makers at domestic spot markets and a firming trend in metal overseas, nickel prices recovered 0.25 per cent to Rs 604.20 per kg in futures trade today as speculators raised their bets.
At the Multi Commodity Exchange, nickel for delivery in current month moved up 50 paise, or 0.25 per cent, to Rs 604.20 per kg in a business turnover of 714 lots.
The metal for delivery in January 2016 contracts rose by Rs 1.30, or 0.21 per cent to trade at Rs 610.30 per kg in five lots.
Globally, at the London Metal Exchange (LME) nickel was up 0.6 per cent to USD 9,035 per tonne.

Analysts attributed the rise in nickel prices in futures trade to fresh buying by participants due to pick-up in demand from alloy-makers at the spot market and a firming trend in in metal at the LME.