Nickel futures gain 0.22 pc on spot demand

Nickel prices rose 0.22 per cent

to Rs 953.40 per kg in futures trade today as speculators enlarged positions on positive cues from spot markets amid short-covering.

At the Multi Commodity Exchange, nickel for delivery in current month traded higher by Rs 2.10, or 0.22 per cent, to Rs 953.40 per kg, in a business turnover of 476 lots.

The metal for delivery in September was higher by Rs 2, or 0.21 per cent, to Rs 958.10 per kg in 48 lots.

Market analysts attributed rise in nickel futures to raising of bets by participants on the back of a firm trend at domestic spot markets following increased demand from alloy-makers amid covering-up of short positions in view of approaching August expiry.