Nickel up 0.6% on rising demand

Extending gains for the second day, nickel prices advanced by 0.61% to Rs 689.30 per kg in futures trading today as participants engaged in enlarging their positions, tracking a firm trend at spot market on rising demand from consuming industries.

At the Multi Commodity Exchange, nickel for delivery in August month gained Rs 4.20, or 0.61% to Rs 689.30 per kg in business turnover of 1,893 lots.

On similar lines, the metal for delivery in September contracts was trading higher by 3.60, or 0.52% to Rs 694.80 per kg in 112 lots.

Analysts said increasing of positions by traders,taking positive cues from spot market on strong demand from alloy-makers kept nickel prices higher at futures trade.