Nickel prices were trading marginally higher by 0.07 per cent to Rs 598.50 per kg in futures trade today as speculators raised bets, driven by rising demand at the domestic spot markets amid covering of short positions.
In futures trading at the Multi Commodity Exchange, nickel for delivery this month was trading 40 paise higher, or 0.07 per cent up, at Rs 598.50 per kg, in a business turnover of 2,037 lots.
The metal for delivery in July was trading higher by 20 paise, or 0.03 per cent, to Rs 609.30 per kg in 192 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 coupled with covering-up of short positions in view of June expiry.
Buoyed by a firm trend at the domestic spot markets on increased domestic demand, copper futures traded 0.18 per cent higher at Rs 384.55 per kg today.
Moreover, covering-up of short positions, today being the last day of June too influenced the metal’s prices.
At the Multi Commodity Exchange, copper for delivery in June was trading up by 70 paise, or 0.18 per cent higher, at Rs 384.55 per kg, in a business volume of 1,938 lots.
Similarly, the metal for delivery in August was trading up by 15 paise, or 0.04 per cent higher, to Rs 388.80 per kg in 876 lots.
Traders said, firming trend in select base metals at the domestic spot markets on pick-up in demand coupled with covering-up of short positions, supported the upside in copper futures here.