Nickel futures up 0.79% on global cues

Nickel futures prices were up by 0.79 per cent to Rs 1,055.30 per kg today after speculators created positions, driven by rising base metals in overseas markets.

At the Multi Commodity Exchange counter, nickel for December delivery moved up by Rs 8.30, or 0.79 per cent, to Rs 1,055.30 per kg, with a business volume of 237 lots.

Similarly, the metal for delivery in November gained Rs 7.60, or 0.73 per cent, to Rs 1,044.60 per kg, with a business turnover of 3,270 lots.

At the London Metal Exchange (LME), nickel climbed 1.1 per cent to $23,250 per tonne.

Analysts said apart from a firm trend in copper and other base metals at the LME, as a weak dollar raised commodities appeal as an alternate investment, accelerated manufacturing in China, the world's largest consumer of industrial metals, also influenced nickel futures prices.