Nickel futures edge up on spot demand

Nickel prices edged higher by 0.28 per cent to Rs 973.60 per kg in futures trade today as speculators raised their bets, supported by uptick in demand at the domestic spot market.

At the Multi Commodity Exchange, nickel for delivery in July edged higher by Rs 2.70, or 0.28 per cent to Rs 973.60 per kg in a business turnover of 7564 lots.

Similarly, the metal for delivery in August contracts was up by Rs 2.50, or 0.26 per cent to Rs 977.60 per kg in 143 lots.

Analysts said widening of positions by participants due to upsurge in demand from alloy-makers in the physical markets, mainly led to the rise in nickel prices at futures trade.