Nickel futures rise 0.30% as demand picks up

Nickel prices gained 0.30 per cent to Rs 598.80 per kg in futures trade today as speculators built up positions, supported by rising demand from alloy- makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in May moved up by Rs 1.80, or 0.30 per cent, to Rs 598.80 per kg, in a business turnover of 724 lots.

Similarly, the metal for delivery in June traded higher by Rs 1.50, or 0.25 per cent, to Rs 604.30 per kg, in a business turnover of 56 lots.

Analysts said speculators enlarged positions on a firming trend at the domestic spot markets on better demand from consuming industries, mainly influenced nickel prices in futures trade.