Nickel rise on global cues, spot demand
Encouraging US economic data pulled prices higher
Amid firmness in base metals overseas and increased demand from alloy-makers in domestic markets, nickel prices rose by 0.22 % to Rs 927.80 per kg in futures trade today.
At the MCX, nickel for delivery in June traded higher by Rs 2, or 0.22 %, to Rs 927.80 per kg, with a business turnover of 671 lots.
The July contract edged higher by Rs 2.10, or 0.22 %, to Rs 936.70 per kg in 161 lots.
Analysts said apart from increased demand from alloy makers in the spot markets, strength in copper and other base metals at the London Metal Exchange (LME) on encouraging US economic data led to a rise in nickel futures prices.
Meanwhile, nickel advanced 0.62 % to $16,351 a tonne at the LME.