Spot demand lifts nickel futures by Rs 4.60/kg

Nickel prices were up by Rs 4.60 to Rs 717.10 per kg in futures trade today as speculators raised their bets, driven by rising demand at the domestic spot markets and a firm trend overseas.
In futures trading at the Multi Commodity Exchange, nickel for delivery in august spurted Rs 4.60, or 0.65 per cent, to Rs 717.10 per kg, in a business turnover of 1,220 lots.
The metal for delivery in September was trading higher by Rs 4.40, or 0.61 per cent, to Rs 723 per kg in 27 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 firming trend in select base metals at the London Metal Exchange (LME).

Globally, at the LME, nickel for three-month delivery rose 0.6 per cent.