Spot demand drives up nickel futures by 0.70%

Supported by rising demand from alloy-makers in domestic spot markets, nickel prices moved up by 0.70 per cent to Rs 821.40 per kg in futures trade today.

Nickel for delivery in the current month grew Rs 5.70, or 0.70 per cent, to Rs 821.40 per kg in a business turnover of 1,165 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in December traded higher by Rs 2.60 -- or 0.33 per cent -- to Rs 783.50 per kg in 135 lots.

Analysts put down the rise in nickel prices to the widening of bets by participants on the back of rising demand from alloy-makers in the spot market.