Spot demand lifts nickel futures by Rs 2.30 per kg

Nickel prices were trading up by Rs 2.30 to Rs 581.90 per kg in futures trade today as speculators raised bets, driven by rising demand at the domestic spot markets.

In futures trading at the Multi Commodity Exchange, nickel for delivery this month spurted Rs 2.30, or 0.40 per cent, to Rs 581.90 per kg, in a business turnover of 1,491 lots.

The metal for delivery in July was trading higher by Rs 2.10, or 0.36 per cent, to Rs 587.40 per kg in 796 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.