Nickel futures rise 0.43% as demand picks up

Nickel prices gained 0.43 per cent to Rs 587.20 per kg in futures trade today as speculators built up positions, supported by rising demand from alloy-makers in the spot market even as base metals retreated overseas yesterday.
At the Multi Commodity Exchange, nickel for delivery in June moved up by Rs 2.50, or 0.43 per cent, to Rs 587.20 per kg in a business turnover of 29 lots.
Similarly, the metal for delivery in May traded higher by Rs 2.20, or 0.38 per cent, to Rs 581 per kg in a business turnover of 1,367 lots.
Analysts said speculators enlarged positions on a firming trend at the domestic spot markets on better demand from consuming industries, mainly influenced nickel prices in futures trade.