Nickel strengthens 0.5% on overseas trend

Gains in base metals at LME on ECB's bond-purchase plan influences prices

Taking positive cues from global markets amid pick up in spot demand, nickel prices rose by 0.52% in futures trade today.

At the Multi Commodity Exchange, nickel for delivery in September traded higher by Rs 4.70, or 0.52%, to Rs 901.60 per kg, with a business turnover of 4,670 lots.

October nickel edged higher by Rs 4.50, or 0.50%, to Rs 911 per kg, with a business turnover of 176 lots.

Marketmen said gains in base metals at the London Metal Exchange (LME) after the European Central Bank announced a bond-purchase plan to combat the region's debt crisis, strengthened the demand prospect for metals, influencing nickel futures here.