Spot demand lifts nickel futures by Rs 2 per kg

Nickel prices were up by Rs 2.10 to Rs 598.70 per kg in futures trade today as speculators raised their bets, driven by rising demand at the domestic spot markets.

At the Multi Commodity Exchange, nickel for delivery in August was trading higher by Rs 2.10, or 0.35 per cent, to Rs 598.70 per kg, in a business turnover of 24 lots.

The metal for delivery this month too gained Rs 1.80, or 0.30 per cent to Rs 593.30 per kg in 604 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.