Spot demand lifts nickel futures by 0.53 pc

NEW DELHI, June 20: Nickel prices were up by 0.53 per cent at Rs 1,008.90 per kg in futures trade today as speculators

Raised their bets, driven by rising demand at the domestic spot markets amid positive global cues.

Nickel to be delivered in July contracts rose by Rs 5.30, or 0.53 per cent, to Rs 1,008.90 per kg at the Multi Commodity Exchange in a business turnover of 98 lots.

The metal for delivery in June was trading higher by Rs 5.20, or 0.52 per cent, at Rs 1,004.90 in 1,398 lots.

Analysts said strong demand from alloy-makers at the domestic spot market coupled with a firming trend in base metals at the London Metal Exchange led to the rise in nickel futures here. (PTI)