Nickle futures up 0.48% on pick up in demand

NEW DELHI: Nickel prices went up by 0.48 per cent to Rs 588.40 per kg in futures trade today as speculators widened their positions, driven by pick up in demand at the domestic spot markets even as select metals weakened overseas.

In futures trading at the Multi Commodity Exchange, nickel for delivery in May spurted Rs 2.80 or 0.48 per cent to Rs 588.40 per kg in a business turnover of 798 lots.

Similarly, the metal for delivery in June month was trading higher by Rs 2.60 or 0.44 per cent to Rs 594.30 per kg in 53 lots.

Analysts said rising demand from alloy-makers at domestic spot markets mainly supported the upside in nickel prices at futures trade here but weak trend in select base metals in global market capped the gains.