Nickel gains 0.39% on spot demand, global cues

Nickel prices rose by Rs 3.40 to Rs 885 per kg in futures trade today on pick up in demand from alloy-makers in the spot market amid a firm global trend.

At the Multi Commodity Exchange, nickel for delivery in September rose by Rs 3.40, or 0.39%, to Rs 885 per kg in a business turnover of 695 lots.

The August contract traded higher by Rs 2.80, or 0.33%, to Rs 873.80 per kg in 9,720 lots.

Market analysts said besides the pick up in demand from alloy-makers in the spot market, a firm global trend pushed up nickel futures.

Meanwhile, nickel advanced 0.6% to $15,346 a tonne on the London Metal Exchange.