Nickel rises over 1% in futures trade

Nickel futures rose by over one per cent to Rs 1,122.30 per kg today, supported by a firming trend overseas and pick-up in domestic demand.

Analysts said the trading sentiment was boosted by gains recorded by base metals in global markets on expectations that the dollar will weaken further as the Federal Reserve will take measures to bolster economy. 

Besides, strong demand from alloy makers in the spot market also influenced the nickel prices in futures trade here, they said.

At the Multi Commodity Exchange counter, nickel contract for November delivery gained Rs 11.70, or 1.04 per cent, to Rs 1,122.30 per kg, with a turnover of 549 lots.

In a similar fashion, nickel for October delivery also edged up by Rs 11.20, or 1.01 per cent, to Rs 1,114.90 per kg, with a business turnover of 8,353 lots.

Meanwhile, nickel gained as much as 1.9 per cent to $25,200 per tonne, the highest level since May 4.