Nickel futures rise 0.81% aided rising spot demand

Nickel prices gained 0.81 per cent to Rs 695.20 per kg in futures trade today as participants widened their bets, driven by positive cues form domestic spots markets.

At Multi Commodity Exchange, nickel for delivery in February was trading higher by Rs 5.60, or 0.81 per cent, to Rs 695.20 per kg, in a business turnover of 19 lots.

On similar lines, the metal for delivery in far-month March traded higher by Rs 5.50, or 0.79 per cent, to Rs 701 per kg in 19 lots.

Analysts said raising of positions by participants, driven by a pick up in demand from alloy-makers in the domestic spot market, influenced nickel prices at futures trade here.