Nickel futures up 0.38% on global cues, firm demand

Nickel prices moved up by 0.38% to Rs 847.20 per kg in futures market today as speculators enlarged positions, tracking a firming trend overseas and increased demand from alloy-makers in the domestic spot market.

At the Multi Commodity Exchange, nickel for delivery in November gained Rs 3.20, or 0.38%, to Rs 847.20 per kg in business turnover of 482 lots.

Similarly, the metal for delivery in December rose by Rs 3, or 0.35%, to Rs 857.60 per kg in 17 lots.

Market analysts said apart from increased domestic demand from alloy-makers, a firming trend in metal at the London Metal Exchange, supported the upside in nickel futures here.