Nickel futures strengthen on spot demand, global cues

Nickel futures gained 0.47% to Rs 990.90 per kg today as speculators enlarged their positions, driven by a firming trend in base metals overseas and a pick-up in demand from alloy-makers in the spot market.

At the Multi Commodity Exchange, nickel for delivery in December rose by Rs 4.60, or 0.47%, to Rs 990.90 per kg, with a trading volume of 2,116 lots.

The January contract moved up by Rs 4.70, or 0.47%, to Rs 996.50 per kg in 265 lots.

Market analysts said besides a firming trend in base metals overseas on the back of better-than-expected US jobs data, good demand from alloy-makers in the spot market supported the upside in nickel futures prices here.