Nickel futures rise 0.58% as demand picks up

NEWD ELHI: Nickel prices gained 0.58 per cent to Rs 607.80 per kg in futures trade today as speculators built up positions, supported by rising demand from alloy-makers in the spot market even as base metals retreated overseas.

At the Multi Commodity Exchange, nickel for delivery in June moved up by Rs 3.50, or 0.58 per cent, to Rs 607.80 per kg in a business turnover of 50 lots.

Similarly, the metal for delivery in May traded higher by Rs 3.30, or 0.55 per cent, to Rs 601 per kg in a business turnover of 1,546 lots.

Analysts said speculators enlarged positions on a firming trend at the domestic spot markets on better demand from consuming industries, mainly influenced nickel prices in futures trade.