Spot demand lifts nickel futures by Rs 7.30/kg

Nickel prices were up by Rs 7.30 to Rs 693.80 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 7.30, or 1.06 per cent, to Rs 693.80 per kg, in a business turnover of 1,835 lots.

The metal for delivery in August was trading higher by Rs 7, or 1.01 per cent, to Rs 699.80 per kg in 33 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.