Nickel strengthens on global cues

Spot demand also pulled prices higher

Nickel futures today moved up marginally by 0.06%, largely on the back of pick-up in spot demand from alloy makers amid a firming trend in base metals overseas.

At the MCX, prices for the May contract rose by 60 paise, or 0.06%, to Rs 941.50 per kg, clocking a turnover of 720 lots.

The June contract was trading higher by 40 paise, or 0.04%, at Rs 951.20 per kg, with a trading volume of 100 lots.

Meanwhile, nickel added 0.20% to $17,085 a tonne in early trade today on the London Metal Exchange (LME).

Analysts said besides pick-up in domestic demand from alloy-makers, a firming trend in copper and other base metals at the LME supported the rise in nickel futures here.