Spot demand lifts nickel futures by 0.87%

Nickel prices went up by 0.87 per cent to Rs 1,020.60 per kg in futures market today as speculators raised their bets, supported by pick up in demand at the domestic spot market.

At the Multi Commodity Exchange, nickel for delivery in June rose by Rs 8.80, or 0.87 per cent, to Rs 1,020.60 per kg in business turnover of 2,431 lots.

In similar fashion, the metal for delivery in July contracts gained Rs 8.60, or 0.85 per cent, to Rs 1,026 per kg in 1,736 lots.

Analysts said expanding of positions by participants, tracking a firm trend at spot market on upsurge in demand from alloy-makers, mainly led to the rise in nickel prices at futures trade.