Nickel futures up 0.7% on global cues

Nickel prices went up by 0.69% to Rs 872.50 per kg in futures market today after speculators enlarged their positions amid a firming trend in base metals overseas.

 

Besides, an encouraging trend in spot markets on the back of rising demand from alloy-makers supported the upside.

 

At the Multi Commodity Exchange, nickel for delivery in September gained Rs 6, or 0.69%, to Rs 872.50 per kg in business turnover of 61 lots.

 

Similarly, the metal for delivery in August rose by Rs 5.80, or 0.67%, to Rs 865.30 per kg in 956 lots.

 

Globally, nickel climbed 1.8% to $13,975a tonne at the London Metal Exchange.

 

Market analysts said besides increased domestic demand from alloy-makers, firmness in base metals overseas after trade data in China, the biggest user, exceeded estimates, mainly influenced nickel prices at futures trade here.