Nickel futures gain on spot demand

Nickel prices went up 0.49 per cent to Rs 1,280.10 per kg in futures trade on Wednesday as speculators raised their bets, driven by firm demand in the spot market. At the Multi Commodity Exchange, nickel for September delivery rose Rs 6.30, or 0.49 per cent, to Rs 1,280.10 per kg in a business turnover of 15,790 lots.

Similarly, the metal for October delivery gained Rs 6.50, or 0.51 per cent, to Rs 1,280.90 per kg in 804 lots. Analysts said raising of bets by participants, largely on the back of increased demand from alloy-makers at domestic markets, influenced nickel futures.