Upsurge in demand lifts nickel futures

Amid pick-up in demand at domestic spot market, nickel prices moved up 0.68 per cent to Rs 987.60 per kg in futures trade today as participants built up fresh positions.

At the Multi Commodity Exchange, nickel for delivery in June rose by Rs 6.70, or 0.68 per cent to Rs 987.60 per kg in a business turnover of 45 lots.

On similar lines, the metal for delivery in May contracts gained Rs 6, or 0.61 per cent to Rs 984.20 per kg in 1,535 lots.

Analysts said fresh positions built up by participants following pick up in demand from alloy-makers in the physical markets, mainly led to the rise in nickel prices at futures trade.