Nickel moves up in futures trade on global cues

Nickel prices shot up by Rs 14.50 to Rs 1,132.90 per kg in futures trade today as speculators enlarged their positions in tandem with a firming global trend.  

At the Multi Commodity Exchange, nickel for delivery July shot up by Rs 14.50, or 1.30% to Rs 1,132.90 per kg, with a business volume of four lots.  

Likewise, the metal for delivery in May jumped up by Rs 11.20, or 1.02% to Rs 1,113.30 per kg in two lots.    

Market analysts said apart from a firming trend in base metals at the LME, increased demand from alloy-makers led to rise in nickel futures prices.

Meanwhile, nickel climbed 2.2% to $24,675 per metric tonne on the London Metal Exchange.