Nickel prices went up 2.29 per cent to Rs 678.80 per kg in futures trade today as speculators raised their bets, driven by rising demand at the domestic spot markets even as metal weakened overseas.
In futures trading at the Multi Commodity Exchange, nickel for delivery this month spurted Rs 15.20, or 2.29 per cent, to Rs 678.80 per kg, in a business turnover of 3,114 lots.
The metal for delivery in August was trading higher by Rs 14.70, or 2.19 per cent, to Rs 684.70 per kg in 187 lots.
Analysts said the rise in nickel prices at futures trade was mostly attributed to strong demand from alloy-makers at the
domestic spot markets but a weak trend in select base metals overseas, capped the gains.
At the LME, nickel, used to make stainless steel, fell 0.1 per cent.
