Nickel rises on global cues, spot demand
Tracking a firming trend in base metals at the London Metal Exchange and and pick-up in domestic demand, nickel futures prices rose by 0.44% to Rs 939.20 per kg today.
At the Multi Commodity Exchange, March nickel rose by Rs 4.10, or 0.44%, to Rs 939.20 per kg, with a business turnover of 3,496 lots.
The April delivery moved up by Rs 3.80, or 0.39%, to Rs 966.30 per kg, with a business turnover of 621 lots.
Analysts said besides a firming global trend on hopes that demand for industrial metals from China and the US, remains robust, increased demand from alloy-makers in the spot markets mainly led to the rise in nickel prices at futures trade.
Meanwhile, nickel climbed 1% to $18,350 a tonne on the London Metal Exchange.