Spot demand lifts nickel futures 0.51 pc

Nickel prices went up 0.51 per cent to Rs 802.60 per kg in futures trade today as speculators raised their bets, driven by rising demand at the domestic spot markets coupled with positive overseas cues.
In futures trading at the Multi Commodity Exchange, nickel for delivery this month spurted Rs 4.10, or 0.51 per cent, to Rs 802.60 per kg, in a business turnover of 1,440 lots.
The metal for delivery in December too was trading higher by Rs 4, or 0.50 per cent, to Rs 807 per kg in 121 lots.
Analysts said the rise in nickel prices at futures trade was mostly attributed to strong demand from alloy-makers at the domestic spot markets and a firm trend in select base metals overseas after a report showed orders for business equipment advanced in the US, bolstering the outlook for the metals amid optimism that demand will accelerate.