Nickel futures up on spot demand, overseas cues

Tracking recovery in base metals overseas and and pick-up in demand from alloy-makers, nickel futures prices rose by 0.51% to Rs 934.80 per kg today.

At the Multi Commodity Exchange, November nickel rose by Rs 4.70, or 0.51%, to Rs 934.80 per kg, with a business turnover of 2,204 lots.

The December contract gained Rs 4.50, or 0.48%, to Rs 941.10 per kg, with a trade volume of 382 lots.

Traders said apart from increased demand at spot markets from alloy-makers, a firming trend in industrial metals at the London Metal Exchange also influenced nickel prices at futures trade.