Spot demand lifts nickel futures by Rs 5.60 per kg

Nickel prices were trading up by Rs 5.60 to Rs 744 per kg in futures trade today as speculators raised bets driven by rising demand at the domestic spot markets.
At the Multi Commodity Exchange, nickel for delivery in October was trading higher by Rs 5.60, or 0.76 per cent, to Rs 744 per kg, in a business turnover of 57 lots.
The metal for delivery this month too gained Rs 5.40, or 0.74 per cent, to Rs 739.40 per kg in 1,223 lots.
Analysts said, the rise in nickel prices at futures trade was mostly attributed to widening of positions by participants, triggered by strong demand from alloy-makers at the domestic spot markets.