Nickel futures 0.55% up on pick up in demand

Nickel prices rose by 0.55 per cent to Rs 589.40 per kg in futures trade today as participants widened their bets, driven by pick up in demand in the spot market.

At the Multi Commodity Exchange, nickel for delivery in August moved up by Rs 3.20 or 0.55 per cent to Rs 589.40 per kg in business turnover of 195 lots.

Similarly, the metal for delivery in July contracts edged up by Rs 3.10 or 0.53 per cent to Rs 584.40 per kg in 3,972 lots.

Analysts attributed rise in nickel futures to building-up of positions by traders due to pick up in demand from alloy- makers in the spot market.